Never let it be said that Stormont is incapable of change.

The annual property tax bills, known as the rates, being sent to homes and business across Northern Ireland this week represent a quiet transformation in fiscal policy by Sinn Féin and the Democratic Unionist Party (DUP).

After 15 years of at or below inflation increases, this will be the second year of a 5 per cent increase for households. John O’Dowd, the Sinn Féin finance minister, has drafted a budget with further 5 per cent annual increases until 2028, for a cumulative total of 22 per cent. He intends this to be significantly above inflation, international events notwithstanding.

The DUP is blocking the budget but only because it wants more money for its ministers. Agreement is widely expected.

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Stormont is also rebalancing who bears the cost, with business rates increasing by only 3 per cent a year.

Businesses and households have traditionally paid half of total rates revenue each, under a........

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