However, Alliance MP Mrs Long said it was vital the move, announced by Theresa Villiers today (Thursday), was delivered with a corresponding increased investment in skills and responsible financial management by her party’s Executive colleagues.
“Alliance has consistently said corporation tax powers will give Northern Ireland the opportunity to take charge of our own economy by potentially creating jobs and generating money,” she said.
“It will also address the long-standing competitive advantage the Republic of Ireland has enjoyed over us in attracting investment from large corporations due to their lower rate. I would also hope for an increase in export sales and a major narrowing of the productivity gap between us and the rest of the UK.
“However, the correct conditions must be present for successful devolution of such powers. While the Stormont House Agreement’s discussion of financial matters was a welcome move, it is not the complete resolution of our budgetary matters we needed.
“Further investment to assist economic growth is needed, alongside other moves. Before making any commitments around a revised rate of Corporation Tax, it is important the Executive sets out a clear and sustainable plan as to how this would be funded.”