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Two hundred and ten companies in the city benefitted from capping of industrial rates at 30 per cent in 2009/10. They saved a collective 2,692,273. Over the current 2010/11 financial year two hundred and twelve firms are set to save 2,770,712.

In neighbouring Strabane eighty firms will this year save 636,461 whilst in Limavady sixty firms will save 346,255.

The 30 per cent cap is designed to help bolster Northern Ireland’s manufacturing industry.

Finance Minister Sammy Wilson said to date in 2010/11 (as at September 2010), 4,232 ratepayers have benefitted from the 30 per cent cap across Northern Ireland.

He said the figures should be treated with caution as they are calculated with reference to what the same number of ratepayers in manufacturing would otherwise pay if liable to the full rate paid by other business sectors.

He stated: “The imposition of full rates, however, could easily jeopardise the viability of struggling manufacturing firms and therefore the savings figures can only represent a maximum. Actual savings cannot be determined with any certainty.

“On this basis a maximum of 50.4m has been saved by those 4,232 ratepayers for the 2010/11 rating year.

“For the 2009/2010 rating year (year ending 31 March 2010), 4,241 ratepayers benefitted from the 30 per cent cap, with a maximum saving of 51.5m.”

Meanwhile it was also revealed by the Finance Minister that businesses in Londonderry saved a combined 511,452 in 2009/10 due to a freezing of the non domestic rate at 2008/9 levels, rather than an increase of 2.7 per cent.

Businesses in Strabane saved 91,299 whilst in Limavady they saved 85,299.

A freeze in non-domestic rates in 2010/11 at 2009/10 levels, rather than an increase of 3.3 per cent, means savings to ratepayers in Londonderry, Strabane and Limavady will be 135,692, 24,928 and 22,509 respectively.