Local businessman and chairman of the NI Conservatives, Irwin Armstrong, has urged the executive to get on with helping the private sector, after news that Corporation Tax varying powers will not be devolved to Northern Ireland before the Scottish referendum.
“NI Conservatives still believe that lower business taxes could give Northern Ireland’s economy the kick-start it needs”, Irwin said. “However we have consistently pointed out that the executive should get on with using the tools at its disposal, in order to create jobs and rebalance the economy, rather than sitting around waiting for a decision on Corporation Tax.”
“Today David Cameron has announced that he will protect Northern Ireland from the effects of a 180 million Euro cut in EU Structural Funds, as well as offering a package of measures which will put more money into our economy and build a shared future. In addition the government has already provided tens of millions of pounds worth of capital investment through successive budgets, which are not being used to their potential, because the executive has failed to dedicate them to projects which are ready to start.”
“Thanks to the chancellor, the executive has the powers and the funds to create enterprise zones, but Northern Ireland is the only part of the UK which has not yet used this tool. In addition there are strategies to encourage businesses to export goods, a sure way to bring money into the economy, which have not been tried. Nor is the executive addressing the skills deficit or high energy costs, both factors which are hampering the private sector at least as much as taxes.”
“It’s certainly disappointing that the Assembly will not to be able to cut Corporation tax in the near future, but let’s remember that the finance minister had consistently said that he would be reluctant to do so in any case. The 20% rate which exists across the UK is already the lowest in the G8. Instead of hearing more excuses, let’s focus on the great deal which Northern Ireland has consistently received and let’s see the executive help the private sector to create an enterprise culture which can bring jobs, as well as the shared, peaceful society which is so important to sustaining prosperity.”