Statement

WEIR WELCOMES HELP FOR SMALL BUSINESSES 

Posted on: October 19, 2009

“I welcome the final approval given today to the Rates Amendment Bill which has passed it final legislative stage at the Assembly and now just only awaits Royal Assent. While the Bill does a number of useful things such as incentivising low carbon and energy efficient homes, and legislative sanction for Councils on transitional relief, the focus rightly has been on the help it offers to small businesses by way of rates relief.  

While the details of the scheme will be brought forward in regulations, it is clear that the rates relief take effect in April 2010, and benefit around about 16000 small businesses. These businesses will benefit on average about £500 per business, and in total the sector will gain about £8-9 million in rates relief. The shortfall will be picked up by Central Government, so that other ratepayers will not face any additional burden. These measures have been given widespread support and welcome including the Federation of Small Businesses and the NI Retail Association. While there is often criticism  of the Assembly, this legislation shows that the Executive are putting the economy first by productive and positive action. Local small businesses are the backbone of our economy, certainly in areas such as North Down, and it is right that we give them all the help that we can, most particularly under the current tough financial circumstances of the global recession.”