Dr Stephen Farry stated: “There are major structural problems in the Northern Ireland economy not least a very heavy dependence on the British taxpayer and a limited ability to attract high value added inward investment.
“There was a strong case put by local political parties, economists and business leaders that a differential rate of corporation tax would be the single most effective tool in generating a step change in the local economy.
“There are major regional imbalances in the British economy. We now have a situation where most of the wealth is created in London and the south east of England, leading to all other regions being placed in a dependence situation. This is unsustainable both economically and environmentally.
“It is important that our local Executive does not take this rejection lying down. They must strongly challenge this decision.”