This morning, the Finance Minister, Conor Murphy MLA, presented his Ministerial statement to the NI Assembly – this is the first time that this has happened in over three years and comes at the most unusual of times. Here’s the overview outlined in the chamber:
Given the current COVID19 crisis, this budget is dominated by the response to the emergency. Minister Murphy said the “number one priority for the Executive is to protect lives”.
£100m of the COVID19 funding has been allocated in today’s budget to fund a previously-announced three months rates holiday for all businesses, which will see a 25% reduction in rates in 2020-21.
The budget allocates £12.2bn of Resource DEL and £1.6bn in Capital funding for NI departments.
A further £278.6m will be allocated to DAERA for Farm Support Payments which will replace the EU Common Agriculture Policy payments as a result of exiting the EU.
The Regional Rate has been adjusted downward to offset the change in the total rateable value due to Reval 2020. In addition, a further 12.5% cut has been made.
Domestic rates will be frozen.
The Small Business Rates Relief (SBRR) scheme will be renewed, providing almost £20m of relief to 27,000 businesses.
The Rural ATM scheme will be reintroduced to help sustain cash flow in rural areas.
A budget document will be prepared for MLAs to consider and debate ahead of the vote on the budget in May.
The Executive now intends to bring forward multi-year budgets to allow departments more certainty on their allowances.
Full detailed budget allocations can be found here