KEY STEP IN ROAD TO BETTER ECONOMY

Today, the Committee for Enterprise, Trade and Investment sent a strong message in favour of a reduction in corporation tax in Northern Ireland. In response to a call for evidence from Sir David Varney, appointed by the Chancellor to review taxation in Northern Ireland, Mr Mark Durkan, Committee Chairperson said:

‘Lower corporation tax is a critical step in the road to achieving a more balanced economy. The message from potential US investors is that corporation tax must be cut to attract more foreign direct investors. US investment in the Republic of Ireland is 16%, whereas in the United Kingdom it is 6%. The figures speak for themselves”.

The Committee provided substantial evidence on the three key areas under the Varney Review: the effect on tax on business decision-making, the national and international context and other drivers that improve the business environment.

In addition, the Committee highlighted the recommendations set out in the four reports by the Transitional Assembly’s Committee on the Preparation for Government sub-group on the Economic Challenges facing Northern Ireland.

Speaking on behalf of the Committee, Deputy Chairperson, Mr Paul Maskey concluded:

“It is imperative that the local economy is able to improve its competitiveness and is empowered to move from a position based on low costs to one based on high value added, innovation, creativity and high workforce skills”.

NOTE TO EDITOR

The Committee for Enterprise, Trade and Investment’s membership is:

Chairperson Mark Durkan MP (SDLP)
Deputy Chairperson Paul Maskey (Sinn Fein)

Alliance Sean Neeson

DUP Simon Hamilton
Robin Newton
David Simpson

Sinn Fein Jennifer McCann
Mitchel McLaughlin

SDLP Alasdair McDonnell

UUP Leslie Cree
Alan McFarland

All enquiries regarding the work of the Committee should be directed to the Committee Clerk, Lucia Wilson, Room 424, Parliament Buildings, Belfast, BT4 3XX (028 905 21230).