Murphy claimed that the package will provide “continued support” for businesses dealing with the impacts of the pandemic.
He recognised that the months ahead will continue to be “hugely challenging”, but hopes that extending the 12 months rates holiday in the “hardest hit” sectors will protect jobs.
The announcement also means the additional rates support provided to businesses over two years amounts to more than half a billion pounds. To further support businesses, the executive has also chosen to freeze the regional rate for businesses for the second year in a row.
Murphy said: “This package goes well beyond what has been announced in England and demonstrates the executive’s commitment to providing certainty and support for businesses. It also protects councils’ rate income as the Executive will cover the full cost of the rates holiday.”