Finance Minister: Regional domestic rate to remain frozen | Latest Newry News, Newry Sport and Newry Business for Newry City

Finance Minister: Regional domestic rate to remain frozen

Finance Minister Sammy Wilson has confirmed that the regional rate will rise by 2.2% in the financial year 2012/13 and has suggested that this represents an “effective freeze” as it capped the rise to the rate of inflation.

The executive has claimed that it was committed to increasing regional rates by the level of inflation over the next four years.

Sammy Wilson commented, “This contrasts with an average rise of over 10% in the domestic regional rate across the last four years of direct rule.”

“Although we all want more resources to be available to the executive, many households and businesses are finding things increasingly difficult. This executive is committed to ensuring that household and commercial budgets are protected during the continuing downturn.

“The small increase in the regional rate, of 2.2% in cash terms, ensures that the executive can continue to help local ratepayers through challenging economic times.”

From 1 April 2012, the regional rate, expressed in terms of pence per pound will, for domestic property, be 0.3780 pence (in 2011/12 it was 0.3698 pence) and for non-domestic property, the rate will be 32.15 pence (in 2011/12 it was 31.46 pence).

Businesses which install equipment such as solar panels and wind turbines will also receive a rates concession.

Minister Sammy Wilson added, “This Order is a harmonising measure which brings practice in Northern Ireland into line with the rest of the UK.”

“The measure is about providing the right signals to business that the executive and assembly support investments which businesses claim might help reduce their energy costs.”

 

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Posted by on Mar 18 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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