Committee Chairperson welcomes Secretary of State's support for Devolvement of Corporation tax

Synopsis: Chairperson of the Northern Ireland Assembly Committee for Enterprise, Trade and Investment, Patsy McGlone MLA, met with the Secretary of State, Theresa Villiers MP, today to discuss the Northern Ireland economy and devolution of corporation tax varying powers.

Session: 2012/2013

Date: 05 November 2012

Reference: ETI 03/12/13

Chairperson of the Northern Ireland Assembly Committee for Enterprise, Trade and Investment, Patsy McGlone MLA, met with the Secretary of State, Theresa Villiers MP, today to discuss the Northern Ireland economy and devolution of corporation tax varying powers.

The meeting focused on establishing a corporation tax level for Northern Ireland which will help attract high-value foreign direct investment (FDI) and enable the region compete for investment opportunities.

Patsy McGlone MLA said, “Corporation tax varying powers is an essential tool that can help us to attract high-value foreign direct investment (FDI), increase productivity, increase employment and create wealth. Resolving this issue and establishing a lower rate of corporation tax will provide a much needed boost to the Northern Ireland economy.

“I know that there are many uncertainties, complexities and concerns on determining a new rate of corporation tax.  However, following today’s meeting, I am very optimistic that the Secretary of State understands how important it is for the issue to be urgently addressed and resolved.  I am also encouraged that she is making representations on our behalf to the Prime Minister.  On an equally positive note, the Secretary of State expressed her support for the devolution of corporation tax varying powers.  She also acknowledged that the level of corporation tax is playing an important role in the economic recovery we are seeing in the south of Ireland.”

The Chairperson concluded: “I have expressed to the Secretary of State the Committee’s commitment to settle this matter.  Although in the past this issue was delayed, it is once again gathering momentum and I believe that this meeting with the Secretary of State will help maintain that momentum for a positive outcome.”


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