3. Ms Sheerin asked the Minister of Finance to outline when she expects to publish the findings of the consultations on the non-domestic and domestic rating measures. (AQO 782/22-27)

My Department published a summary of the consultation responses on the non-domestic and domestic rating measures last week on the Department's website. Over 1,400 responses were received from ratepayers, businesses and a range of other stakeholders. My Department also undertook a series of public meetings as part of the process, and I thank everyone who contributed to the process with their thoughts, ideas and experience. I met officials at the end of August to outline the next steps in advancing policy, and I will bring forward short-, medium- and long-term rating policy proposals, including a more strategic long-term policy approach, early next month. As part of the process, I will engage with Executive colleagues and continue engagement with business bodies, organisations and other stakeholders to work together to build a progressive rate system that grows our tax base and stimulates our local economy.

Gabhaim buíochas leis an Aire as an fhreagra sin.

[Translation: I thank the Minister for that answer.]

Minister, can you advise when you intend to bring your policy proposals to the Executive?

I met officials at the end of last month to advance policy proposals. I intend to bring forward proposals on what we can do in the immediate term and then in the medium and longer term early next month to the Executive. Obviously, decisions on the issues will be for the Executive as a whole to consider and decide on.

Minister, the previous Government set a revenue-raising target of £113 million annually. Will you update the House on progress towards meeting the target?

As the Member will be aware, that requirement was part of the financial package. We did not agree to it, but, nonetheless, that was Treasury's position, and I was able to negotiate some flexibility so that it could be raised over 24 months rather than 12. I am happy to give Members the update that it is projected that we will raise an additional £80 million this year. That is based on decisions that the Executive have made on the regional rate and other areas.

Go raibh maith agat, a Aire, as bheith anseo leis na freagraí a thabhairt dúinn.

[Translation: Thank you, Minister, for being present to provide us with answers.]

There are reports that you plan to phase out industrial derating. Will you clarify whether that is the case? I am sure that you agree with the rest of us that it is a substantial advantage and its removal would be severely disadvantageous to many of our SMEs and manufacturing businesses, particularly given their dual access to the respective markets.

As part of my consideration of the responses to the consultation, I had the opportunity to meet business organisations and businesses. Obviously, I will not pre-empt any proposals that will go to the Executive for discussion or decision, but I very much recognise the role that industrial derating has played in supporting local manufacturers. We have a strong manufacturing sector that supports an awful lot of jobs, and anything that we do needs to align with what we are trying to achieve with our economic vision of creating good jobs, improving productivity, decarbonisation and regional balance. The manufacturing sector ticks an awful lot of those boxes.

Will the Minister outline the expected revenue from the proposals to remove the exemption provided by industrial derating? Has she considered — I think that she has already spoken to this — the impacts on the manufacturing sector in Northern Ireland?

I will give the Member a figure off the top of my head that I will be happy to clarify because it will be in the consultation. I think that industrial derating costs £70 million. As I said, I will not pre-empt any proposals that will go to the Executive for discussion. Obviously, anything that we consider doing in relation to the rating system has to be about being progressive, fair and equitable, but it also has to be about what we are trying to achieve in respect of the economy, as I have just set out to Patsy.