A PROPOSAL to introduce a new targeted rates relief scheme for businesses will soon be brought to the Executive, Finance Minister Conor Murphy has confirmed.
Currently all businesses in Northern Ireland have been granted a three month rates holiday, which has cost around £100m.
But the Executive has faced pressure from business leaders to extend the scheme in the hope of relieving the severe financial pressure being faced by many firms.
In England, all hospitality, retail, tourism and leisure businesses have been granted a 12 month rates holiday.
All parties in the Executive have voiced support for expanding rates relief, but there is differing views on how it should be implemented.
Speaking during the daily Stormont press conference on Thursday evening, Conor Murphy said that replicating the English model here would result in 60 per cent of firms from the north missing out.
He said a new targeted scheme will be developed with the help of Gareth Hetherington, director of the Ulster University Economic Policy Centre.
Mr Murphy said the economist is working with his department to analyse official data.
“Based on this work, I will soon be bringing proposals to the Executive for a targeted rates relief scheme,” he said.
The Finance Minister confirmed that the existing £100m rates relief scheme is part of a total £510m coronavirus business support package in the north.
The bulk, some £370m, has been allocated for cash grants of £10,000 and £25,000 for small businesses.
Yesterday, Economy Minister Diane Dodds said £171m had already been paid out to 17,100 businesses for the smaller scheme. Around 27,000 are estimated to be eligible.
Ms Dodds also confirmed that 2,400 applications have been received for the larger grant for hospitality, retail, tourism and leisure businesses. Around 4,000 businesses qualify for that grant.
