Paul Clancy, Chief Executive, Derry Chamber
Reacting to the NI Budget brought forward today by Finance Minister, Conor Murphy, Chief Executive of the Londonderry Chamber of Commerce, Paul Clancy, said:
“The NI Budget today was understandably focused on the response to Covid-19 and how we protect lives during this crisis. That is a priority for all of us and we are glad to see the additional spend in this budget as we try to fight this virus.
“The Chamber welcomes the reduction in business rates which, combined with the three months rates holiday, should mean that many business will see a 25% reduction in rates. This will help many of our members’ businesses manage costs in the coming months, which will be some of the most challenging we have faced in generations. We also welcome the renewal of the Small Business Rates Relief scheme.
“Aside from rates however, we need to see more support measures and funding for businesses, similar to those announced in other UK regions. It is vital that we protect as many businesses as we can, to ensure our economy is given a fighting chance.
“The impact of Covid-19 on our small region will be profound. Actions taken by Ministers in the days and weeks ahead will not only make a big difference now, but also in how we recover once the threat of Covid-19 is contained.”