Question Time: Enterprise, Trade and Investment Tuesday 03 March 2015
The impact
of energy prices on local businesses was discussed during today’s Questions
to Minister for Enterprise, Trade and Investment, Arlene Foster. The
Minister described the recently announced reduction in tariffs as “good news
for our small business consumers and means that, from April, prices will be
lower than the EU 15 median, approximately 5% lower than the Great Britain
average and around 19% lower than those in the Republic of Ireland.” Mrs Foster
will also be attending a ‘Gas to the West’ information event which will provide
up to 40,000 energy consumers, including businesses, with a more efficient,
lower-carbon and potentially cheaper choice of fuel. Sammy Wilson was less enthusiastic
about energy prices citing the high cost of expensive electricity from
renewable resources on our grid as a burden on businesses, asking about the
possibility of being permitted to generate cheaper electricity. The Minister
revealed that she has had discussions with Westminster counterpart, Ed Davey,
on the matter and admitted that “some very difficult decisions will have to be
taken on that.”
Jim Allister
then expressed concern about the potential devolution of corporation tax to the
Assembly pointing to the Silk
commission that concluded, in relation to devolving corporation tax powers to
Wales, the "costs would outweigh the benefits". The Minister moved to
ease any concerns saying that “unlike Northern Ireland, the Welsh have not had
the same long public debate around the merits of devolving corporation tax, nor
have they developed a plan to use such powers for a very clear economic
development purpose. It is therefore unsurprising that the Silk commission
concluded that income tax was more appropriate to devolve to the Welsh
Government than other major UK taxes, including corporation tax. ” The
case for reducing corporation tax in Northern Ireland is very different from
that in Wales – a point acknowledged as much by the Silk Commission.
Mrs Foster also answered questions on tourism,
power cut emergency procedures, broadband and economic inactivity plans.
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