Debate contribution: Reval2026

Debate contribution by Mr John O'Dowd on 2 February 2026.

MLA

Mr John O'Dowd

Party at the time

Sinn Féin

Date

2 February 2026

Type

Debate contribution (made as a minister)

Business

Ministerial Statement

Heading

Reval2026

Assembly identifier

Official Report component 5356219

Read the official Assembly record

Text

I wish to provide Members with a statement in relation to my decision to stop the publication of the new valuation list, the process known as "Reval2026". Small and medium-sized businesses across all sectors are the backbone of our economy. The sustainable growth of our local economy is crucial for all our people. As the Minister of Finance, I am absolutely committed to supporting business growth and development. Stopping the process allows space for sectors to provide the much-needed evidence to allow for a full examination of the issues raised. I am in listening mode and will take time to consider the next steps. My focus is on supporting our public services, our local businesses and workers and families and on growing the economy for the betterment of all. I have listened carefully to the concerns of the hospitality sector about the implications of implementing the revised values in April. I value our businesses and their contribution to the local economy and civil society. My decision to halt has not been taken lightly. That decision reflected the clear need to take stock and to allow for constructive dialogue and engagement to ensure that any changes are implemented in a way that is fair, evidence-based, transparent and sensitive to the economic realities — positive and negative — currently facing non-domestic ratepayers. The conversation has started. I met hospitality representatives on Thursday. I will look at any alternative methodology proposals that people want to offer. Those need to be transparent and fair to every ratepayer and to meet the need to support public services and the wider economy. Since becoming Finance Minister, I have been unequivocal in my support for businesses. I have extended the Back in Business scheme to support entrepreneurship by encouraging businesses to set up in long-term vacant properties. I have extended the rural ATM scheme to help people to access cash easily, something that is especially important in rural communities, given bank closures, and I have extended the small business rate relief scheme, which provided around 30,000 businesses with reductions of between 20% and 50% on their rates bill. I am on record in setting out my ambition to go further, including to enhance support for small businesses through that scheme. I want to see extra help going to businesses that provide vital employment, supporting workers, families and communities. That is why my Department launched a consultation on the small business rate relief scheme in early December. The consultation closed last Thursday. My officials are analysing the responses to the proposals, with early indications showing broad support for the approach being taken to try to help businesses, despite the pressure on Executive finances. I have already set aside additional funding of £10 million in the draft Budget to support those efforts. My officials are working at pace to allow those support measures, if approved by the Executive, to take effect from April 2026. Members will be aware that, on foot of intensive engagement with businesses throughout the summer, I have committed to bringing forward proposals for a business growth accelerator policy. It will seek views on the policy options for using the rating system to aid business expansion while unlocking future increased rates income for local and central government. That unlocking of future tax-based growth would operate alongside existing initiatives brought in since the restoration of the Executive last year, such as the Back in Business scheme. It would support businesses, including those in hospitality, that wish to expand their premises. That proposal was put to my office in the engagement with hospitality businesses and demonstrates that my officials have been listening through the proactive engagement. I reiterate how important it is for me as Minister of Finance that our businesses thrive. Stopping the process allows space for sectors to provide the much-needed evidence to allow for a full examination of the issues. My focus remains on supporting our our public services, our local businesses and workers and families and on growing our economy for the betterment of all.

671 words. Text as published by the Northern Ireland Assembly.

Assessment

Not flagged

Jev’s structured answers

Assessed 21 October 2026 at 14:18 UTC by jev-1.13.0 (requested as typesafe/jev) under rubric 2026.10-r9, methodology 1.9.

Disagree with this assessment?

Classifications can be challenged. A person reads every challenge, and any change is recorded publicly above with its reason.

Challenge this classification