‘Chancellor’s UK corporation tax cut undermines NI economic strategy’ – Ritchie

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Thursday, July 14th, 2016
Business, Politics
SDLP South Down MP Margaret Ritchie has questioned the Chancellor George Osborne on the impact that his decision to cut UK corporation tax will have on the competitive advantage devolving corporation tax was intended to provide Northern Ireland ritchie2Speaking to Newry Times, she said, “Through his decision to cut corporation tax in Britain, the Chancellor of the Exchequer has undermined the competitive advantage Northern Ireland sought to achieve through the devolution of corporation tax setting powers. “While not a solution entirely on its own, tax competitiveness was a carefully considered aspect of Northern Ireland’s economic strategy, and the impact of the Chancellor’s recent decision must be examined in detail going forward. “While the Executive retains the power to lower corporation tax further should it need to, questions must be answered on how further reductions would impact the broader budget for devolved spending and on the likely effectiveness further corporation tax reductions would have on attracting new business to Northern Ireland.
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Mid July 2016She added, “With the North’s economy already facing unprecedented levels of uncertainty as result of the EU referendum, the Treasury must now urgently look again at what other options can be pursued to help enhance the North’s economic competitiveness, such as a tourism exemption for VAT, greater financial support for small businesses and additional investment in skills and training.”

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