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<\/p>\nStormont Finance Minister John O\u2019Dowd has said he will consider alternatives after halting a proposed revaluation of business rates in Northern Ireland.<\/p>\n
The Reval 2026 had sparked a backlash from many within the hospitality sector who had said they were facing higher rates bills.<\/p>\n
It was cancelled last week after draft property revaluations published by land and property services indicated some businesses were facing hugely increased rates bills.<\/p>\n
<\/p>\n
In a statement to the Assembly on Monday, Mr O\u2019Dowd said he is in \u201clistening mode\u201d.<\/p>\n
\u201cStopping this process allows space for sectors to provide the much-needed evidence to allow a full examination of the issues raised,\u201d he told MLAs.<\/p>\n
\u201cI am in listening mode and will take time to consider the next steps.<\/p>\n
\u201cI met with hospitality representatives on Thursday, I will look at any alternative methodology proposals that people want to offer.<\/p>\n
\u201cThese need to be transparent and fair to every ratepayer and meet the need to support public services and the wider economy.\u201d<\/p>\n
Opposition leader Matthew O\u2019Toole responding describing a \u201cfully blown u-turn\u201d, claiming that last week Mr O\u2019Dowd had \u201carrogantly dismissing concerns from across the House\u201d.<\/p>\n
He questioned why the process had not been halted earlier, or proposed with a transitionary process to avoid what he termed a \u201cchaotic situation\u201d.<\/p>\n
Mr O\u2019Dowd responded: \u201cThe important point is where we are now, and I have listened to the concerns of elected representatives, I have listened to the concerns of the hospitality sector, and I have stopped the Reval process.\u201d<\/p>\n
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