Call for review of 'burdensome' business rates

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BANBRIDGE traders have backed a call for a review of ‘burdensome’ business rates.

It comes as Alliance councillor Joy Ferguson said the Finance Minister and NI Executive must do more to support local and high-street businesses.

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The Banbridge representative was speaking at Monday night’s ABC Council meeting, where she tabled a motion calling for an independent review of the regional non-domestic rates system.

The motion received cross-party support and agreed that local businesses are a ‘catalyst for reconnection and regeneration in our towns, villages and rural areas, that the protection of and support for local business is an economic and social priority and that the rating system needs to be fair and fit for purpose in the current economic climate’.

COST CHALLENGES...​Councillor Joy Ferguson’s rates review call has been backed by ABC councillors and Banbridge businesses.COST CHALLENGES...​Councillor Joy Ferguson’s rates review call has been backed by ABC councillors and Banbridge businesses.
COST CHALLENGES...​Councillor Joy Ferguson’s rates review call has been backed by ABC councillors and Banbridge businesses.

Councillor Ferguson said: “Our high street and local businesses have been facing enormous challenges in recent years.

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“Many are contending with a twin cost-of-living and cost-of-doing-business crises, whereby customers have less disposable income and energy costs are eroding their bottom line.

"An independent, holistic, root-and-branch review of non-domestic rate reliefs is the logical first step towards ensuring our rating system is fair, progressive and can support economic growth.

“We understand that the Minister is currently considering short, medium and long-term changes to our rating system.

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“Support for our local retail and hospitality businesses must be a priority. We must protect our valuable high streets and use rates relief as an economic generator and catalyst for change to encourage investment.”

Banbridge Chamber of Commerce chairperson, Michael Donaghy, welcomed the motion.

“The chamber supports any attempt to ensure a fairer system of rates for non-domestic premises,” he said.

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“Shopping centres, owners of vacant properties and charity shops, should be paying their fair share.

“Retail in the town centre is difficult enough competing against free parking and easier traffic. The move towards a more evenly balanced business rates would be a considerable help to saving our town centres.”

Mairead McShane, from The Dresser boutique in Newry Street, spoke of the “growing financial burden” of trading on the high street in the current climate.

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“Running a business is not without cost, however, rates are a significant burden at their current level, being among the highest anywhere,” she pointed out.

“We are pushing for a review of rates with the goal of supporting small businesses, additional employment and boosting economic development in our towns.

“This would be welcome and essential to support a thriving future for Banbridge.”

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Neil McBurney, from Thomas Neil Hairdressing, commented: “Business rates are a significant cost to local business and form a large part of their decision to expand and invest.

“Having recently moved premises, my business is helping to regenerate the lower part of Bridge Street.

“The rates level was a major consideration in my financial planning. The rate level can restrict further investment plans due to the already high cost of doing business.”

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As a result of the agreed motion, ABC Council will ask the Minister for Finance and the NI Executive for an independent review to be conducted on the regional rates system to support local business, hospitality, and town centre regeneration.

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