Budget publication is step forward but content will cause serious concern
Speaking following the publication of a budget for 2023-24 by Secretary of State for Northern Ireland, Chris Heaton-Harris MP, Alan Lowry, FSB`s NI Policy Chair, said: “The budget has been trailed for long enough so it is a welcome step forward that it has now been published and that the Government has not moved immediately to recoup last year`s £300 million overspend in the 2023-24 budget.
“However the alternative payment arrangements through the redirection of Barnett Consequentials will cause serious concern.
“The budget may have been designed to put pressure on the political parties to re-establish the devolved institutions, but if so, it is a very blunt instrument to achieve a political objective.
“Small businesses are the backbone of the local economy and lack of support for them will leave many disappointed.
“SMEs in Northern Ireland already face a myriad of challenges so it is only fair and reasonable that they should be offered the same support as their counterparts in England and Wales where Retail, Hospitality and Leisure businesses receive 75% discount on their rates.
“However none has been forthcoming and if Government is serious about boosting our local economy then they need to back local businesses in the absence of the devolved institutions.
“Ultimately Northern Ireland needs political and fiscal stability. We look forward to a restored Executive and Assembly engaging directly with the UK Government to provide a budget which can truly set Northern Ireland`s economy on a new trajectory.”
