Former finance minister Máirtín Ó Muilleoir pictured last year urging businesses to take advantage of rates relief

RATES bills for dozens of businesses are set to double after the suspension of a Stormont scheme that encouraged new tenants to occupy empty commercial premises.

The Department of Finance (DoF) has said it can no longer offer a 50 per cent rates reduction under the 'Back in Business' initiative because there is no assembly or minister to extend the necessary legislation.

The scheme was originally launched in 2012 and more than 500 eligible businesses have benefited from its support.

It meant businesses moving into premises that were unoccupied for 12 months or more received 50 per cent rates relief for one year.

However, due to Stormont's suspension the DoF is unable to authorise any further discounts on rates bills.

It is estimated that around 60 businesses could be affected.

One Belfast-based businessman who expected to benefit from the scheme said its suspension would have a major impact on his business's cash flow and would threaten its viability.

"I wouldn't have taken on the unit if I knew the scheme had been suspended," he said.

"There was zero publicity of this suspension – MLAs get their salaries while small business is punished."

SDLP economy spokesman Claire Hanna said the initiative had enabled businesses to occupy prime retail space that might otherwise have been too costly.

"This is a further victim of the failure to restore power sharing – our health service, our schools and now businesses are paying the price for a failure of politics," she said.

"This can't continue – we need to stimulate economic activity by incentivising small and medium sized businesses to grow and employ more people. The institutions need to be restored as soon as possible."

Retail NI chief executive Glyn Roberts described news of the scheme's suspension as "extremely disappointing".

"Retail NI successfully lobbied for this scheme as a measure to address the serious problem of shop vacancies, as Northern Ireland has the highest shop vacancy rate in the UK of nearly 15 per cent – the suspension of this scheme because the assembly is in limbo will not help this situation," he said.

A DoF spokesman said applications for the scheme were still being accepted but the rate reduction could not be granted at this time.

The Irish News understands that if the the legislation gets approval from a restored assembly in the current financial year then the successful applicants will receive their rates relief.