Finance Minister halts 'Reval 26' after pressure from hospitality sector
'What was proposed was not fair and would have been the death knell for our industry' - Hospitality Ulster
Stormont Finance Minister John O’Dowd has announced he has stopped the 'Reval 2026' process.
Under 'Reval 2026' businesses in the hospitality sector faced the prospect of considerably increased rates bills.
'Reval 2026' was carried out by Stormont's Land and Property Services (LPS). More than 75,000 non-domestic properties were revalued as part of a new list used in calculating business rates - an annual property tax that helps fund public services.
Minister O’Dowd said: “I want our local businesses to thrive; they are the backbone of our communities.
“I have listened carefully and I am very aware of the concerns raised by businesses—particularly hotels, pubs and other hospitality businesses," he added.
“I remain in listening mode, I will now consider the next steps. My focus remains on supporting our public services, our local businesses and growing our economy."
The chief executive of Hospitality Ulster, Colin Neill has welcomed Minister O'Dowd decision he intends to halt 'Reval 2026' and review the process that brought the "hospitality sector to this point".
Mr Neill said: "At a time when hurt and anxiety were at all-time highs in the sector, it is a relief that the Minister has listened to the people who are both a cornerstone of our economy and who provide an invaluable service to our society. This demonstrates the value of having locally elected politicians that can intervene.
"Hospitality's opposition to 'Reval 2026' has never been based on an unwillingness to contribute our fair share to rates revenue, but about communicating that what was proposed was not fair and would have been the death knell for our industry," he added.
"We now look forward to working with the Minister to come to a solution that allows the sector to pay its fair share and develop at the same time, allowing the sector to contribute positively to the growth of the Northern Ireland economy. Hospitality stands ready to play its part; we now await the Minister's next steps and further clarity on what this means for our industry."