Question Time: Finance and Personnel 10 March 2014
Minister of
Finance and Personnel, Simon Hamilton, discussed European Investment Bank (EIB)
funding in Northern Ireland during today’s Question
Time. He described the EIB’s recent £150m loan for the North Belfast campus
of the University of Ulster as “a real vote of confidence in the university, in
Belfast and in Northern Ireland as a whole, and I look forward, over the next
number of years as the project rolls out, to seeing that corner of our capital
city redeveloped and regenerated for the benefit of not just Belfast but the
whole Province.” The investment in the University of Ulster project is the
first direct investment by EIB in Northern Ireland for more than ten years but
the Minister hopes this will be just the start of more funding opportunities
that will help develop the infrastructure in Northern Ireland (and not just
from EIB).
The Minister
also discussed the new non-domestic rates revaluation process which will come
into effect in April 2015. The last revaluation of business properties was completed
in 2003 and based on 2001 rental properties. The new process will be based on
2013 values and “is about restoring fairness in how the business rates burden
is shared. It is essentially about rebalancing the same amount of
business rates but using current values to share out the liability.” Mr
Hamilton revealed that he has no plans to change the 50% rebate on vacant
properties, an allowance that he describes as “far more generous than the
relief in place across the water”. The revaluation is “an attempt to rebalance
the rating system so that it is fairer but still raises the same amount of
money”.
During
topical questions the Minister answered questions on the Going for Growth
strategy, public sector reform and the housing market. Lord Morrow also took
the opportunity to ask the Minister for his assessment of the current state of
the Northern Ireland economy. Mr Hamilton was enthusiastic about the current
situation saying “there are almost daily signs that our economy is moving in
the right direction and that we are well on the road to economic recovery after
five or six very difficult years in Northern Ireland” – the “economy is moving
slowly but surely in the right direction, albeit with the odd bump on the road
to recovery”.
No comments: