The Banbridge representative was speaking at a full meeting of ABC Council on Monday night (28 October), after tabling a motion calling for an independent review of the regional non-domestic rates system by the relevant Stormont ministers.
The motion that received cross party unanimous support, agreed that local businesses are a catalyst for reconnection and regeneration in our towns and villages, that the protection of and support for local business is an economic and social priority, and that the rating system needs to be fair and fit for purpose.
Councillor Ferguson said, “Our high street and local businesses have been facing enormous challenges in recent years. Many are contending with a twin cost-of-living and cost-of-doing-business crises, whereby customers have less disposable income and energy costs are eroding their bottom line.
"An independent, holistic, root-and-branch review of non-domestic rate reliefs is the logical first step towards ensuring our rating system is fair, progressive, and can support economic growth.
“We understand that the Minister is currently considering short, medium and long-term changes to our rating system. Support for our local retail and hospitality businesses must be a priority. Our high streets are invaluable assets, and we must protect them, using rates relief as an economic generator and catalyst for change to encourage investment.”
In support of the motion, Banbridge Chamber Chair, Michael Donaghy has said: “The chamber supports any attempt to ensure a fairer system of rates for non-domestic premises. Shopping centres, owners of vacant properties and so-called charity shops should be paying their fair share. Retail in the town centre is difficult enough competing against free parking and easier traffic. The move towards a more evenly balanced business rates would be a considerable help to saving our town centres.”
Local Banbridge business owner, Mairead McShane from The Dresser, said: “As a small business that is part of Banbridge town centre, I can speak to the growing financial burden of trading on the high street in the current climate. Running a business is not without cost, however rates are a significant burden at their current level, being among the highest anywhere.
“We are pushing for a review of rates with the goal of supporting small businesses, additional employment, ultimately boosting economic development in our towns. This would be welcome and essential to support a thriving future for Banbridge.”
Neil McBurney, from Thomas Neil Hairdressing, said: “Business rates are a significant cost to local business and form a large part of their decision to expand and invest. Having recently moved premises, my business is helping to regenerate the lower part of Bridge Street. The rates level was a major consideration in my financial planning. The rate level can restrict further investment plans due to the already high cost of doing business.”