6% hike in regional rate for households; business rate frozen for 2023-24

Mr. Heaton-Harris announced the hike for households on Thursday.

The non-domestic regional rate has been frozen at the 2022-23 level for businesses for the 2023-24 financial year.

He said the increase was below inflation (10 per cent), and is lower than the average increase (6.67 per cent) of domestic district rate increases by local councils. In Derry and Strabane the district rate was recently increased by 7.97 per cent.

Mr. Heaton-Harris said: “In the absence of the Northern Ireland Executive, I have set the regional rate to ensure the crucial delivery of public services and provide certainty for NI taxpayers.

“I am very aware that this comes amidst cost of living pressures for both NI businesses and households, and I have set the rates to improve the sustainability of the NI public finances whilst protecting those most in need.”