Whoa! We average 60,000+ unique weekly readers!

BusinessNI News

Murphy outlines Executive’s Budget

1 Mins read

Delivering the Executive’s 2020/21 budget, Finance Minister Conor Murphy announced a real term increase for all Departments.

The Budget allocates £12.2 billion of Resource funding and £1.6 billion in Capital funding.

Recognising the impact of Covid-19, Minister Murphy said: “Development of this budget began before the onset of Covid-19 and has been overshadowed by the unprecedented Public Health Crisis we face.

“There is no doubt that we remain in a challenging financial environment. Protecting lives and livelihoods from this pandemic is now the Executive’s number one priority.”

£100 million of Covid-19 funding is allocated in today’s Budget to fund a three months rates holiday for all businesses. The remaining £812 million will be allocated in a separate process.

Minister Murphy added: “The Executive will do all in its power to ensure this Budget and the additional Covid-19 funding delivers for our citizens, workers and businesses in this time of crisis.”

On domestic and business rates Minister Murphy said:

“In terms of domestic properties we have relatively low rates and strong protections for households on low incomes. To ensure no additional burden on households during the difficult and uncertain time I am freezing domestic rates.

“While domestic rates are relatively low, business rates are extremely high. Our SMEs have long cited the high cost of rates as a key difficulty. I have reduced business rates by 12.5%. Combined with Reval 2020 this means an 18% reduction in rates. Although I decided to reduce business rates in advance of the Covid-19 threat, this reduction will help with the economic recovery on the other side of this pandemic.

“I am also renewing Small Business Rates Relief and the Rural ATM Scheme.”

Full detailed budget allocations can be found at: https://www.finance-ni.gov.uk/publications/northern-ireland-budget-2020-21

10841 posts

About author
An article that is attributed to the Causeway Coast Community Team has either involved multiple authors, written by a contributor or the main body of content is from a press release. Got a news-related tip you’d like to see covered on Causeway Coast Community? Email us - [email protected]
Articles
Related posts
NI News

Boost Drinks launches biggest ever campaign that honours local go-getters!

2 Mins read
FacebookTwitterPinterestWhatsAppLEADING functional drinks company Boost has launched a new initiative aimed at inspiring and enabling local people to fulfil their dreams and…
NI News

Covid-19 related deaths: week ending 18th September

1 Mins read
FacebookTwitterPinterestWhatsAppLatest figures published today by NISRA show that nine deaths involving Covid-19 occurred in the last week, from 12th to 18th September….
NI News

Funding provides lifeline to Arts, Culture and Heritage sectors - Ní Chuilín

2 Mins read
FacebookTwitterPinterestWhatsAppCommunities Minister Carál Ní Chuilín yesterday welcomed the announcement of £29m support for the culture, language, arts and heritage sectors impacted by…