He said: "In the 2012/13 rating year, there will be a modest increase of 2.2% for the domestic and non-domestic regional rates. This represents an effective freeze as it caps the rise to the rate of inflation, benefiting all ratepayers across Northern Ireland."
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The decision to increase both the domestic and non-domestic regional rate by 2.2% reflects the Executive’s commitment to increase regional rates by the level of inflation over the four year budget period (Budget 2011 – 2015). As a result the regional rate will be frozen in real terms over the four year period.
The Minister stated: "Although we all want more resources to be available to the Executive, many households and businesses are finding things increasingly difficult. This Executive is committed to ensuring that household and commercial budgets are protected during the continuing downturn. This contrasts with an average rise of over 10% in the domestic regional rate across the last four years of direct rule.
"The small increase in the regional rate, of 2.2% in cash terms, ensures that the Executive can continue to help local ratepayers through challenging economic times. It also compliments the commercial rating measures that the Assembly approved last month."
(CD/GK)
