A controversial levy on large retailers is to be introduced in Northern Ireland, despite fierce opposition from major players in the industry.
Stormont finance minister Sammy Wilson confirmed this week that the so-called 'Tesco tax' would be implemented, albeit at a lower rate than originally planned. He insisted that the scheme would provide much-needed support for the region’s small businesses, who he said had borne the brunt of economic uncertainty.
“The money raised through the levy will be used to provide much needed additional support to small businesses, which continue to struggle during these difficult economic times,” he explained. “Twenty per cent relief will be provided to those businesses with a net annual value of £5,001 to £10,000.”
However, Jane Bevis of the Northern Ireland Retail Consortium told BBC News that the new tax would make Northern Ireland a “less profitable place” for investment and warned that ordinary consumers are likely to foot the bill in the form of higher prices.
Last week, Holyrood finance secretary John Swinney confirmed that business rates in Scotland would rise by 5.6 per cent next April, prompting criticism from retailers.
