BID claims High Streets left behind after Chancellor’s Budget
High Streets left behind after Chancellor’s Budget say BID
NEWRY BID CEO Eamonn Connolly said that High Street rates relief announced in last week’s Chancellor’s Budget, should be passed on by Stormont.
“The big thing for us is to see the funds allocated under the Barnett formula being transferred to the intended recipients,” said Mr Connolly.
“Unfortunately, our experience to date has seen several hundred million in pro rata GB High Street rates reliefs not be passed on by Stormont.”
Responding to the Chancellor’s Budget, Retail NI Chief Executive Glyn Roberts said: “At first glance, it is difficult to see how this Budget will address the immediate challenges facing our local economy and high streets.
“We welcome the Chancellor’s announcement that around 70,000 small retail, hospitality and leisure businesses in England will be taken out of paying business rates altogether.
“The Barnett consequential funding that the Northern Ireland Executive receives as a result of this announcement must be used to deliver meaningful rates relief for small businesses here in Northern Ireland.
“Why should our members and other local small businesses, who already face the highest business rates burden in the UK, be denied the same support as their counterparts in England?
“Our high streets have the highest vacancy rates in the UK, at 25%. This is a clear indication of the pressure facing our town and city centres and the urgent need for action.
“The Executive now has an opportunity to use this additional funding to make a real difference. It must prioritise small business rates relief, support independent retailers and help tackle the growing high street vacancy crisis.
“Northern Ireland’s small businesses cannot afford to be left behind. The Executive must ensure that this Budget delivers tangible benefits for our local economy and the businesses at the heart of our communities.”