With the Secretary of State’s announcement on corporation tax powers being devolved to the Assembly in 2017, we are now beginning an Inquiry to consider the implications of a reduction in corporation tax on Northern Ireland businesses, the wider economy and jobs.
Reducing the rate of corporation tax is one element in improving the economic climate in Northern Ireland. However, it is not the only one, and it is these other factors that our Inquiry will address. We have two years to maximise our potential to attract investment, help local businesses and create jobs before we receive the powers to reduce corporation tax.
Our Inquiry will be wide ranging and we will engage with a range of key stakeholders and businesses—both large and small, indigenous and those which have come to Northern Ireland—to identify the factors which help or inhibit growth. Part of our Inquiry will be to provide recommendations to the Executive that address any barriers to investment, and how these may be rectified in both the short and long term to maximise the potential to our economy.
In particular, the Committee will be focusing attention on those business areas that have the greatest potential for economic growth, including the agri-food, life sciences, financial and creative sectors.
We will also be addressing the important issue of regional balance; ensuring that all parts of Northern Ireland share in an improved economy. It is important that the Executive provides the appropriate environment and incentives to promote and develop a balance of inward investment locally across the region from Strabane to Strangford and from Ballycastle to Belleek.
I would encourage any organisation or individual with an interest in providing evidence to the Committee as part of the Inquiry to contact the Committee by emailing email@example.com. The closing date for submissions is Tuesday 10th March 2015.
We will be updating the public on progress of the Inquiry through the Committee’s Twitter account @nia_ceti.
Listen to Patsy McGlone MLA talk about the Inquiry: