The power to cut corporation tax in Northern Ireland is a “potential game changer, conceived, developed and delivered by the Conservative Party”, according to Conservative economy spokesman, Johnny Andrews. He urged the parties at Stormont to “get their act together” and “discharge their basic responsibilities”, so that legislation can be implemented, after the Chancellor told the House of Commons that powers will be devolved, if the current political talks process results in agreement.
“It’s been a long campaign, started by Owen Paterson and local Conservatives, alongside the business community, taken on by David Cameron and Theresa Villiers, and finally delivered by the chancellor, George Osborne”, Johnny said. “There have been many hurdles along the way; details to overcome, competing claims by other devolved regions, as well as ineptitude and mixed signals from Stormont ministers, but the Conservative Party is determined to give local businesses the game-changing boost which they need. It’s now up to the parties at Stormont to show they can discharge their basic responsibilities, balance the budget, live within their means and take difficult decisions, like deciding the future of our welfare system.”
“Lower Corporation Tax is not a ‘silver bullet’ by any means. There will still be serious issues with competitiveness, energy prices, employment law, planning regulations and a huge public sector, which the private sector has to overcome in Northern Ireland. A lower rate of corporation tax, though, can help us compete with the Republic of Ireland, attract inward investment and allow local companies to reinvest and grow. To cover the costs we believe that automatic pay increments in the public sector should be stopped and public sector pay parity with England should be ended. Now it’s up to the Executive to show that it’s capable of taking the powers it’s been offered, managing its budget properly and getting on with creating jobs, prosperity and a rebalanced economy in Northern Ireland.”