The Department of Finance will start work on a Non-Domestic Rates Revaluation exercise with a view to preparing a new Valuation List for use from April 2020.

Land & Property Services (LPS) will revalue all non-domestic, mainly business properties in Northern Ireland for rates and the new values will be used to calculate future individual rate bills for businesses and organisations. This exercise will ensure that the rating system is more up to date, better reflecting local economic changes and making the system fairer.

Retail NI has urged the NI Secretary of State to consult the business and wider stakeholders on today’s draft Budget.

 Retail NI Chief Executive Glyn Roberts said:

“While we appreciate that the Secretary of State had little choice but to set a budget, it is disappointing that an elected and accountable local Assembly was unable to do so”

Retail NI CEO Glyn Roberts, Shadow Secretary of State Owen Smith, Nigel Dodds MP and Hospitality Ulster CEO Colin Neill

Hospitality Ulster and Retail NI last night hosted a Northern Ireland Economy-themed reception at Westminster, which was addressed by the Shadow Secretary of State for Northern Ireland, Owen Smith MP and attended by over fifty MPs, Lords and business leaders from Northern Ireland.

Following today’s decision by the Bank of England to increase interest rates, Retail NI has urged the Bank of England to be cautious and avoid any rapid increase that could hit household spending.

Retail NI Chief Executive Glyn Roberts said:

“While we appreciate the wider economic pressures such as inflation, Retail NI would urge the Bank of England to adopt a cautious and very gradual approach to any further interest rate increases”

The representative organisations of two of Northern Ireland’s largest sectors of industry, Hospitality Ulster and Retail NI, have expressed major disappointment with the Secretary of State’s announcement that no agreement has been found to restore devolution.

The Chief Executives of the two business groups, Glyn Roberts and Colin Neill, in a joint statement said:

“It is beyond disappointment that no agreement has yet been found to restore devolution and that Northern Ireland, for a nearly a year now, has to continue without a Government”

With just five days until the old £1 coin is phased out in favour of the new 12-sided version, Retail NI has reminded retailers and consumers to be ready for the deadline on 15th October.

Retail NI Chief Executive Glyn Roberts said:

“We would urge retailers and consumers to take this deadline seriously”

‘This deadline is going to be a challenge given that some multiple retailers have decided to be more flexible and continue to accept the old £1 coin from shoppers after 15th October”

Hospitality Ulster, Retail NI and Manufacturing NI have today jointly hosted a roundtable meeting, focusing on the economy, with the new Shadow Secretary of State for Northern Ireland, Owen Smith MP. 

The Chief Executives of the three organisations, Colin Neill, Glyn Roberts and Stephen Kelly in a joint statement said:

“The three sectors that we represent are the largest in Northern Ireland employ tens of thousands of workers with a turnover of billions to the local economy”

Retail NI has expressed disappointment with the news that the Empty Premises Rate Relief has been effectively suspended as a result of the collapse of the Assembly .

The scheme gave business owners 50% rates discount if they opened a new business in premises, which had been vacant for more than a year. This will result in the doubling of rates bills for many new start businesses.

Retail NI Chief Executive Glyn Roberts said:

Commenting on the NI EU Position Paper which was published today, Retail NI Chief Executive Glyn Roberts said:

“It has to be welcomed that this paper has more detail on the UK Government’s negotiation position and that no physical infrastructure on the border, such as customs posts is being considered”

“Retail NI welcomes the proposal to exclude smaller businesses, who trade cross-border, from any new post Brexit bureaucracy”

“This is only the very start of serious and detailed negotiations and we will face significant challenges ahead”

Retail NI has paid tribute to its former CEO, Bryan Gray who passed away at the weekend.

Retail NI Chief Executive Glyn Roberts said:

”On behalf of the Retail NI Board and our membership as a whole, we extend our condolences to the family and friends of Bryan”

“Bryan made a huge contribution to the Retail, Hospitality and Manufacturing sectors. He played a key role in establishing NIIRTA/Retail NI, advancing our policy agenda and was a true champion for independent retailers”