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Corporation tax decision 'deeply disappointing' | Corporation tax decision 'deeply disappointing' |
(about 4 hours later) | |
The NI Independent Retail Trade Association (NIRTA) has said the government's delay on a decision to devolve corporation tax to Stormont was deeply disappointing. | |
On Tuesday, the prime minister said there would be no decision on devolving the powers until after the Scottish referendum in 2014. | On Tuesday, the prime minister said there would be no decision on devolving the powers until after the Scottish referendum in 2014. |
Stormont wants to be able to match the tax rate in the Republic of Ireland. | Stormont wants to be able to match the tax rate in the Republic of Ireland. |
Glyn Roberts of NIRTA said the decision sent out the wrong message. | |
"It will be deeply disappointing to Northern Ireland's business community that the decision on corporation tax has been effectively binned by Downing Street," he said. | |
"Setting our own local corporation tax rate was the settled view of all the main business organisations and the five main political parties. | |
"It is to be regretted that the prime minister ignored that united view." | "It is to be regretted that the prime minister ignored that united view." |
On Tuesday, Northern Ireland's first and deputy first ministers met the prime minister over devolving the power to set the rate of the tax. | On Tuesday, Northern Ireland's first and deputy first ministers met the prime minister over devolving the power to set the rate of the tax. |
The policy has all-party support at the Northern Ireland Executive and the backing of the secretary of state. | The policy has all-party support at the Northern Ireland Executive and the backing of the secretary of state. |
The deputy first minister, Martin McGuinness, said he was "disappointed" with the decision. | The deputy first minister, Martin McGuinness, said he was "disappointed" with the decision. |
First Minister Peter Robinson vowed not to give up on the fight for the power. | First Minister Peter Robinson vowed not to give up on the fight for the power. |
The executive would have to compensate the Treasury for any tax reduction by handing back a portion of its annual budget. | The executive would have to compensate the Treasury for any tax reduction by handing back a portion of its annual budget. |
However, supporters believe the economic boost to Northern Ireland from inward investment would outweigh the cost to the public purse. | However, supporters believe the economic boost to Northern Ireland from inward investment would outweigh the cost to the public purse. |
Northern Ireland Secretary of State Teresa Villiers said the issue of of corporation tax was "still a very live issue, still very much on the table". | |
"Whatever the answer on corporation tax, whether it's a yes, or whether it's ultimately not to go ahead, there are lots of other programmes that need to be pursued to boost the Northern Ireland economy," she said. |