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| Budget 2015: Osborne says NI parties must deliver on Stormont House Agreement | Budget 2015: Osborne says NI parties must deliver on Stormont House Agreement |
| (about 1 hour later) | |
| It "is critical" that Northern Ireland parties deliver on the Stormont House Agreement to help bring about economic recovery, the chancellor has said. | It "is critical" that Northern Ireland parties deliver on the Stormont House Agreement to help bring about economic recovery, the chancellor has said. |
| In his budget speech, George Osborne only made a passing reference to Northern Ireland. | In his budget speech, George Osborne only made a passing reference to Northern Ireland. |
| But in the full budget paper published by the Treasury, it said it and the executive was committed to rebalancing the economy. | But in the full budget paper published by the Treasury, it said it and the executive was committed to rebalancing the economy. |
| It added that the agreement was part of targeted support for Northern Ireland. | It added that the agreement was part of targeted support for Northern Ireland. |
| Mr Osborne's cutting of UK corporation tax to 19% in 2017 and 18% in 2020 has implications for the executive's main economic recovery policy lever. | Mr Osborne's cutting of UK corporation tax to 19% in 2017 and 18% in 2020 has implications for the executive's main economic recovery policy lever. |
| The executive - which has devolved powers to vary the rate - wants to introduce a 12.5% rate in 2017. | The executive - which has devolved powers to vary the rate - wants to introduce a 12.5% rate in 2017. |
| But PwC's chief economist in Northern Ireland Esmond Birnie said a falling UK cut "will significantly reduce the potential impact in Northern Ireland". | |
| But he added: "It will also reduce the cost to the block grant, which the government has estimated as £300m annually." | But he added: "It will also reduce the cost to the block grant, which the government has estimated as £300m annually." |