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Reform And Reinvestment Initiative

Volume 407: debated on Tuesday 24 June 2003

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To ask the Secretary of State for Northern Ireland if he will estimate the annual regional rate increase in Northern Ireland for each £100 million of borrowing under the Reform and Reinvestment Initiative assuming a Great Britain council tax increase of 10 per cent. average. [119042]

A 10 per cent. average increase in council tax in England would represent an increase in the average household bill of £91 per annum over current (2003–04) levels. Access to borrowing under the Reinvestment and Reform Initiative is dependent on the total rates product in Northern Ireland (i.e. the District and Regional rates). On the assumption that district rate and regional non-domestic rate increases are in line with recent trends, a borrowing power of £100 million in 2004–05 would require an increase in the average regional domestic rate of approximately £64 per household per annum over the 2003–04 figure. Each additional £100 million of borrowing in that year would require a further increase of around £10 per household per annum.