Local Hospitality Gets A Break: Rates Revaluation Paused

There's welcome news for our local businesses across North Belfast and beyond, particularly those in the hospitality and tourism sectors. The Finance Minister, John O’Dowd, has announced a crucial decision to halt the planned Reval 2026 process. This move comes as a huge relief, especially for businesses that have been under significant financial strain.

Reval 2026 was a scheduled revaluation of business rates, but many local eateries, pubs, hotels, and tourist attractions feared it would lead to unsustainable cost increases. Industry bodies had voiced widespread concerns that the timing and scale of the changes could seriously threaten the survival and growth of cherished local establishments, putting jobs at risk.

Colin Neill, Chief Executive of Hospitality Ulster, expressed immense relief, stating that the decision provides much-needed breathing room for businesses facing escalating anxiety. He highlighted that local politicians had listened to the concerns of those who play a vital role in our economy and community. The sector's opposition wasn't about avoiding fair contribution but preventing an unworkable system, and they now look forward to working with the Department of Finance for a balanced solution.

Belfast Chamber also applauded the decision, with Chief Executive Clare Guinness noting that 'common sense has prevailed.' She emphasised the importance of hospitality and leisure businesses, which make up a significant portion of their membership, contributing greatly to local employment, tourism, and the vibrant life of our city centre. They stressed that policies must support businesses to thrive, not add further burdens.

Echoing these sentiments, Janice Gault, Chief Executive of the Northern Ireland Hotels Federation, called the pause 'necessary and constructive.' She pointed out that the proposed changes had created considerable uncertainty for hotels and accommodation providers already navigating a challenging environment. This pause offers a valuable opportunity to collaborate on a more proportionate and sustainable approach to rates.

While this halt is a significant positive step, industry leaders are clear that the conversation isn't over. They are committed to engaging constructively with the government to develop a fair, balanced, and sustainable rates system that allows North Belfast's hospitality sector to continue to grow, create jobs, and enrich our community.