To ask the Minister of Finance and Personnel for an update on her Department's review of the current business rates system; including any progress on setting up an innovation lab.

The innovation lab ran between 1 and 4 June 2015. Its purpose was to help develop guiding principles for the review, as well as generating ideas on how the review should be carried out to ensure it is as effective as possible.

It was attended by representatives from NI Chamber of Commerce (COC), Manufacturing NI, Federation of Small Business (FSB), Northern Ireland Centre for Voluntary Action (NICVA), Northern Ireland Retail Consortium (NIRC), Institute of Directors (IOD), the Association of Town and City Management (ATCM), Strategic Investment Board (SIB) Local Government and Institute of Revenues Rating and Valuation (IRRV). The Lab members also heard presentations from external parties (Cambridge and Birmingham University, NICEP, NICVA, IRRV) and internal parties (Land & Property Services, Strategic Policy Division, Public Spending Directorate).

As part of the next steps in the process, I am currently considering the findings from the lab, along with draft terms of reference for the review. I will be seeking the views of the Finance Committee before I put the matter to my Executive colleagues.