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| Brown offer a 'nuisance payment' | Brown offer a 'nuisance payment' |
| (20 minutes later) | |
| The financial package proposed by Chancellor Gordon Brown is little more than a "nuisance payment", the CBI in Northern Ireland has said. | The financial package proposed by Chancellor Gordon Brown is little more than a "nuisance payment", the CBI in Northern Ireland has said. |
| Mr Brown said on Wednesday the British government would provide £50bn over the next 10 years for Northern Ireland. | Mr Brown said on Wednesday the British government would provide £50bn over the next 10 years for Northern Ireland. |
| However, CBI chairman Declan Billington said much more work was needed. | However, CBI chairman Declan Billington said much more work was needed. |
| "The offer, while good for an eye-catching headline, is in substance very little more than what is needed to keep our economy afloat," he said. | "The offer, while good for an eye-catching headline, is in substance very little more than what is needed to keep our economy afloat," he said. |
| "It does nothing to improve the prospects for a more successful economy, which is essential if we are to create the additional 140,000 plus jobs needed over the next 10 years to underpin peace and stability." | "It does nothing to improve the prospects for a more successful economy, which is essential if we are to create the additional 140,000 plus jobs needed over the next 10 years to underpin peace and stability." |
| He welcomed the engagement with the chancellor and the "solidarity" shown by local political representatives in negotiation. | He welcomed the engagement with the chancellor and the "solidarity" shown by local political representatives in negotiation. |
| Mr Brown, who announced the package after Wednesday's talks with Northern Ireland's political parties, said the funding would be worth £50,000 per household in Northern Ireland. | Mr Brown, who announced the package after Wednesday's talks with Northern Ireland's political parties, said the funding would be worth £50,000 per household in Northern Ireland. |
| 'Significant programme' | 'Significant programme' |
| However, he said he would not lower corporation tax levels in Northern Ireland. | However, he said he would not lower corporation tax levels in Northern Ireland. |
| Mr Billington said that few companies in Northern Ireland paying the full rate of corporation tax demonstrated the weakness of the private sector and the need for a competitive tax regime, "which can attract new foreign direct investment". | Mr Billington said that few companies in Northern Ireland paying the full rate of corporation tax demonstrated the weakness of the private sector and the need for a competitive tax regime, "which can attract new foreign direct investment". |
| "What our politicians are offering is an excellent investment opportunity for the chancellor, but what he proposes is little more than a nuisance payment to make us to go away," he said. | "What our politicians are offering is an excellent investment opportunity for the chancellor, but what he proposes is little more than a nuisance payment to make us to go away," he said. |
| The Irish government is to unveil its own financial package for Northern Ireland after examining the plans revealed by Mr Brown. | The Irish government is to unveil its own financial package for Northern Ireland after examining the plans revealed by Mr Brown. |
| Irish deputy prime minister Michael McDowell said he would consider Mr Brown's package carefully. | Irish deputy prime minister Michael McDowell said he would consider Mr Brown's package carefully. |
| Mr Brown linked the spending package to the establishment of a Stormont executive. | Mr Brown linked the spending package to the establishment of a Stormont executive. |
| Michael McDowell said the expenditure was significant | Michael McDowell said the expenditure was significant |
| Mr McDowell, speaking in the Dail on Thursday, said: "This is a significant programme of expenditure over a number of years and we are now studying it to see what is already committed and what is new. | Mr McDowell, speaking in the Dail on Thursday, said: "This is a significant programme of expenditure over a number of years and we are now studying it to see what is already committed and what is new. |
| "The Irish government will make its own intentions known in relation to additional new expenditure to aid the peace process in Northern Ireland and infrastructural development there when we have an opportunity to study the British package." | "The Irish government will make its own intentions known in relation to additional new expenditure to aid the peace process in Northern Ireland and infrastructural development there when we have an opportunity to study the British package." |
| Following their meeting with Mr Brown in London, Northern Ireland's political parties said more work must to be done to finalise the so-called peace dividend. | Following their meeting with Mr Brown in London, Northern Ireland's political parties said more work must to be done to finalise the so-called peace dividend. |
| However, the parties said they were disappointed that the chancellor did not offer to cut corporation tax. | However, the parties said they were disappointed that the chancellor did not offer to cut corporation tax. |
| They want corporation tax reduced from 30% to match the Irish Republic's rate of 12.5%. | They want corporation tax reduced from 30% to match the Irish Republic's rate of 12.5%. |
| The DUP called the funding an "opening offer" which was no more than £3bn of new money, while Sinn Fein leader Gerry Adams said it was "still early days". | The DUP called the funding an "opening offer" which was no more than £3bn of new money, while Sinn Fein leader Gerry Adams said it was "still early days". |
| However, according to Northern Ireland Secretary Peter Hain, the package on offer represents an "extraordinary settlement". | However, according to Northern Ireland Secretary Peter Hain, the package on offer represents an "extraordinary settlement". |
| Mr Hain said EU law banned the government from lowering corporation tax levels solely in Northern Ireland. | Mr Hain said EU law banned the government from lowering corporation tax levels solely in Northern Ireland. |