Good news: Finance Minister backs local businesses by extending rate support schemes
Finance Minister John O’Dowd has announced the extension of the Small Business Rate Relief, Back in Business and rural ATMs exemption schemes for the 2026/27 year.
Speaking after the Assembly debated the measures on Tuesday, Minister O’Dowd said: “Small businesses are the backbone of our local economy, creating jobs, helping grow our economy and supporting workers, families and communities.
“The extension of Small Business Rate Relief for a further year means that while consultation outcomes on enhancements to the scheme are considered, we will continue to provide around 30,000 businesses with reductions of between 20% and 50% on their rates bill.
“Importantly, on completion of the Budget process, I will also be making the case for further broadening of this key small business support measure to increase the scope of the small business rate relief and the overall number of recipients for 2026/27, utilising the £10million set aside in my Draft Budget proposals for this.
“I want to see more support directed to businesses that provide vital employment and sustain workers, families, and communities.”
The Minister added: “Since its restoration, the Back in Business scheme has helped bring long‑term vacant high street properties back into use, and helped businesses establish a strong foundation, create jobs and support the local community. Since May 2024, 113 businesses have benefitted from the scheme, receiving over £600,000 in rate support. The continuation of the scheme will create space for further business creation and growth.
“The extension of the schemes will continue to support new and existing businesses, as well as rural communities through retention of the rural ATM exemption. Retention of existing ATMs is especially important given the decline in the number of banks and the need to maintain access to cash in our local communities.”
In addition to extending rate support schemes, the Assembly also approved Regional Rate increases of 5% for domestic properties and 3% for non-domestic. This means the average household will pay 63p per week more on the Regional Rate element of their bill.
Minister O’Dowd said: “Rates play a vital role in funding public services such as hospitals, childcare and schools, as well as many other essential services. The Regional Rate agreed is expected to raise just over £900million in the forthcoming financial year.
“Keeping the domestic uplift at the same level as last year is in recognition of the cost of living pressures felt by many households. Keeping, and setting, the non-domestic rate at a lower level, a below inflation increase at the time it was agreed by the Executive last month, reflects the pressures facing local businesses and their vital role in supporting jobs in our local communities and driving local growth.”
