Business

2025 is a ‘must deliver’ year for Executive

This is no longer a cost-of-doing-business crisis - it’s an emergency

Finance Minister Conor Murphy last week unveiled a "Back in Business" rates scheme which offers businesses a 50 per cent rates discount for up to two years if they take up occupancy of a vacant premises
Receiving rates relief will be vital for some businesses in Northern Ireland to keep the lights on and protect jobs
By Glyn Roberts

As 2024 ends, our thoughts naturally turn to think of the new year with its opportunities and challenges that our local private sector and economy will face.

And one major challenge is a potential cliff edge in April with the triple whammy of increases in national insurance, living wage and local and regional rates.

Along with colleagues from other business organisations, we recently met the finance minister and the Assembly finance committee to discuss this ‘cliff edge’ and its impact on our economy and our high streets.

In our meeting with the minister, we outlined the need for transitional rates relief to assist small high street businesses with the forthcoming hikes in national insurance.

In England, these businesses are receiving 40% discount. Northern Ireland should not be treated any differently. Receiving this rates relief will be vital for some small businesses to keep the lights on and protect jobs.

At the meeting the minister did announce a welcome strategic roadmap on rating policy and a cost-of-doing-business study. This represents significant progress. Its proposal for a more targeted approach to the Small Business Rates Relief Scheme to ensure more is done to support independent retailers and other small high street businesses is the right course of action.

Retail NI has commissioned its own comprehensive survey of members on the impact of national insurance increases and business rates which will complement the minister’s impact study on the cost-of-doing-business crisis.

2025 must also see the Assembly and Executive really start to deliver after nearly year in office. That’s means publishing an agreed Programme for Government, a multi-year budget and the long-awaited investment strategy.

The agreed Programme for Government needs to be more than just an agreement of the four political parties that make up the current Executive. It needs to be co-design with business and other key stakeholders in civic society if we are to realise and share the full potential of this region. In short, we want to be partners, not just consultees in the implementation of the new Programme for Government.

The High Street Taskforce must be recalled to co-ordinate and begin the promised five-year high reconstruction plan with Executive, councils, business and other key stakeholders.

Retail NI chief executive Glyn Roberts. Picture by Liam McBurney/PA
Retail NI chief executive Glyn Roberts

Ultimately our Executive and Assembly need to change the lives of working people by helping to provide more and better jobs, empower communities to reshape and repurpose their local villages, towns, and cities and above all else reinvigorate the leadership model in Northern Ireland.

Political leaders in Westminster and Stormont need to get real and get to grips with severity of the cost-of-doing-business crisis in Northern Ireland.

This is no longer a cost-of-doing-business crisis - it’s now an emergency.

  • Glyn Roberts is chief executive of Retail NI