Government must listen to new business coalition on corporation tax

On the day that a new coalition of local business organisations wrote an open letter calling for a reduction in the corporation tax rate, Alliance Finance Spokesperson Stephen Farry MLA has said the Westminster government must heed that call and must not be found wanting in relation to the economic challenges Northern Ireland faces.

Dr Stephen Farry MLA said: “I strongly welcome this call from this business coalition. These local business groups have spoken with one voice – Its now time for the Westminster government to listen and take appropriate action.

“If government needs any evidence of how important having a low corporation tax rate is, they should look at how strongly the Irish government fought to keep their lower rate, even in the face of strong criticism during talks to agree their bailout. There is a strong body of evidence from economists and business leaders that a lower rate of corporation tax would be the most efficient way of generating a step change in Northern Ireland’s economy, and in particular raising local levels of production and exports. It is also critical to understand the competitive disadvantage on the island of Ireland that Northern Ireland finds itself facing due to the higher rate.

“Ireland can clearly see the advantage that this lower rate provides, why has Westminster not recognised this and acted already to help grow our private sector?”


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