Derry Chamber boss Paul Clancy welcomes budget, says COVID-19 will have ‘profound impact’

The new Chief Executive of the Chamber of Commerce Paul Clancy has welcomed the added expenditure to fight the COVID-19 crisis promised in Finance Minister Conor Murphy’s 2020/21 Budget
Paul Clancy, the new Chief Executive of Londonderry Chamber of CommercePaul Clancy, the new Chief Executive of Londonderry Chamber of Commerce
Paul Clancy, the new Chief Executive of Londonderry Chamber of Commerce

Mr. Clancy said the three month rates holiday confirmed in the budget statement would help businesses in Derry manage costs.

“The NI Budget was understandably focused on the response to Covid-19 and how we protect lives during this crisis. That is a priority for all of us and we are glad to see the additional spend in this budget as we try to fight this virus.

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“The Chamber welcomes the reduction in business rates which, combined with the three months rates holiday, should mean that many business will see a 25% reduction in rates.

“This will help many of our members’ businesses manage costs in the coming months, which will be some of the most challenging we have faced in generations. We also welcome the renewal of the Small Business Rates Relief scheme,” he said.

The newly-appointed C.E.O. said that over the next few months more measures would be needed to help local businesses survive, predicting that the impact of COVID-19 here would be ‘profound.’

“Aside from rates however, we need to see more support measures and funding for businesses, similar to those announced in other UK regions. It is vital that we protect as many businesses as we can, to ensure our economy is given a fighting chance.

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“The impact of Covid-19 on our small region will be profound. Actions taken by Ministers in the days and weeks ahead will not only make a big difference now, but also in how we recover once the threat of Covid-19 is contained,” said Mr. Clancy.

Mr. Murphy said protecting people’s lives from the COVID-19 pandemic was now the Executive’s central priority. He made the remarks while announcing the Executive’s 2020/21 budget on Tuesday.

He said the Budget allocated £12.2 billion of Resource funding and £1.6 billion in Capital funding. This, he said, was a real term increase in departmental allocations.

Mr. Murphy said: “Development of this budget began before the onset of Covid-19 and has been overshadowed by the unprecedented Public Health Crisis we face.

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“There is no doubt that we remain in a challenging financial environment. Protecting lives and livelihoods from this pandemic is now the Executive’s number one priority.”

He said £100m of COVID-19 funding has been allocated to fund the three months rates holiday for all businesses. The remaining £812m will be allocated in a separate process.

Minister Murphy added: “The Executive will do all in its power to ensure this Budget and the additional Covid-19 funding delivers for our citizens, workers and businesses in this time of crisis.”

Addressing the issue of rates he said: “In terms of domestic properties we have relatively low rates and strong protections for households on low incomes. To ensure no additional burden on households during the difficult and uncertain time I am freezing domestic rates.”