Finance Minister speaks at Newry business event
Finance Minister Sammy Wilson this week spoke about the need to rebuild and rebalance the Northern Ireland economy. Mr Wilson was speaking at an event in the Canal Court Hotel hosted by the Newry Chamber of Commerce and Trade.
The Minister spoke of his need to speak directly with business men and women, “It’s important for me to speak directly with business men and women to get a real sense of how economic conditions are impacting on the ground.
“It’s clear that trading conditions are difficult given the current economic climate. That is why the Executive has made rebuilding and rebalancing the Northern Ireland economy its principal goal in the draft Programme for Government for 2011-15. We want to restore growth and revert recent rises in unemployment. The PfG sets out the full range of actions we plan to take to achieve this including job promotion, infrastructure investment, skills development and support for R&D and innovation.”
Mr Wilson continued, “The Executive is also working to have powers for varying corporation tax devolved to the Assembly which would enable our local firms to invest more in their business. I know this issue is very important to the business community of Newry who are often competing directly with firms from across the border.”
“Subject to Assembly approval there will be an expansion of the small business rate relief scheme, which will roughly double the amount of rate relief for small businesses.
The Minister concluded by suggesting local businesses may benefit from the small business relief scheme, “next year around £6million could be provided for up to 8,300 additional small business premises across Northern Ireland. My Department’s analysis suggests that round £675,000 relief could be awarded on over 1,300 properties in the Newry and Mourne District Council area under both the current and the expanded small business rate relief scheme.”
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