Rates discount scheme at risk if devolution not restored, Murphy warns

A high street renewal scheme that offers rates discounts to businesses taking over vacant properties will face the axe if devolution does not return, the Finance Minister has warned.

Conor Murphy said extending the Back in Business scheme beyond March next year would require Assembly legislation.

Mr Murphy was commenting as he visited one business in Belfast’s Titanic Quarter that has benefited under the scheme.

Launched in March 2022, the initiative offers businesses a 50% rates discount for up to two years if they occupy a vacant shop unit.

Back in Business expanded a previous scheme that offered a one-year 50% discount.

Stormont is currently without an assembly or fully functioning executive due to the DUP’s boycott of the institutions in protest at Brexit’s Northern Ireland Protocol.

Commenting after his visit to the Smoothie Factory, Mr Murphy said: “What we’re trying to do is obviously encourage people in this challenging time for a lot of businesses to come back into business, to take over empty properties, to increase footfall in high streets and to avail of the supports that the department can give.

“We’re also encouraging them to try and avail of this before the 31st of March next year, because this requires legislation to be renewed.

“I would hope an executive and assembly will be in place to be able to do that at that time but if that isn’t the case then this scheme would run out at that stage.”

Ten businesses in Northern Ireland have so far benefited from the rates discount scheme.

The concession applies to any business ratepayer who moves into premises that were previously used for retail purposes and have been unoccupied for 12 months or more.

Andrew McQueen, managing director at Smoothie Factory, welcomed the scheme.

“Northern Ireland was an obvious choice for Smoothie Factory to launch our flagship store as it allowed us easy access to expand not only to other parts of the United Kingdom but to Ireland as well,” he said.

“With soaring energy prices and rising inflation, the financial assistance offered by the Back in Business scheme has been a very welcome support.”