FINANCE Minister John O’Dowd has pulled the brakes on a controversial rates revaluation scheme following a backlash from business owners.

Last week, Land and Property Services released the draft valuation list for non‑domestic properties which will be used to calculate business rates from 1 April 2026.

It was met with widespread anger from hotel, restaurant and bar owners who were faced huge increases in their rates.

This afternoon, Finance Minister John O’Dowd said he has stopped the process.

Minister O’Dowd said: “I want our local businesses to thrive; they are the backbone of our communities.

“I have listened carefully and I am very aware of the concerns raised by businesses—particularly hotels, pubs and other hospitality businesses.

“I remain in listening mode, I will now consider the next steps. My focus remains on supporting our public services, our local businesses and growing our economy."

Reacting to the news, Colin Neill, Chief Executive, Hospitality Ulster said: "Hospitality Ulster welcomes today's announcement by the Finance Minister John O'Dowd that he intends to halt Reval 2026 and review the process that brought the hospitality to this crisis point.

"At a time when hurt and anxiety were at all-time highs in the sector, it is a relief that the Minister has listened to the people who are both a cornerstone of our economy and who provide an invaluable service to our society. This demonstrates the value of having locally elected politicians that can intervene."

He added that what had been proposed "was not fair and would have been the death knell for our industry".

"We now look forward to working with the Minister to come to a solution that allows the sector to pay its fair share and develop at the same time, allowing the sector to contribute positively to the growth of the Northern Ireland economy."

Suzanne Wylie, Chief Executive, NI Chamber, welcomed the Minister's decision.

"Our member businesses, particularly those in the hospitality sector, have been deeply concerned about the scale of potential cost increases during this protracted cost of doing business crisis," she said.

“Earlier this week, NI Chamber published economic survey results showing intensifying cost pressures across every sector. In light of today’s decision, we will now write to the Minister to seek clarity on next steps and request a meeting to discuss the urgent issue of the cost of doing business.

“Businesses need a rating system that supports competitiveness. NI Chamber will continue to press for a transparent and sustainable approach.”