Small Businesses Are Facing ‘Perfect Storm’ On 1st April says Retail NI.
A delegation from Retail NI has met with the Economy Minister Diane Dodds today to discuss the high cost of doing business in Northern Ireland.
Speaking after the meeting Retail NI Chief Executive Glyn Roberts said: “Independent retailers and small businesses are facing a ‘perfect storm’ of additional costs on 1st April with a combination of the Rates Revaluation hike, increases in the local and regional rates and the Living Wage.
‘While businesses in Northern Ireland continue to pay the highest Rates in the UK, our economy will not reach its full potential and our high streets will continue to decline.
“Small Businesses in England get a 50% rates discount with an NAV of up to £51k and our members get a paltry 20% discount on a NAV of £15k.
“In addition, Retail NI members are already paying expensive energy costs and struggling with an increasing burden of red tape and regulation.
“At our meeting with Minister Dodds we urged her and her Executive colleagues not to support any increase in the Regional Business Rate when it is set in the local budget.
“We also requested that the Minister set up a working group to jointly examine ways to reduce high costs on business and a renewed Better Regulation Strategy.