Wed 3rd Dec 2014
NI Chamber response to Autumn Statement
Commenting on today’s Autumn Statement, Kevin Kingston, President of Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:
“NI Chamber welcomes today’s announcement on the devolution of Corporation Tax powers to the Northern Ireland Executive.
The Prime Minister has listened to calls from the business community and all of Northern Ireland’s political parties for the devolution of powers, with the outcome now placed firmly on the Northern Ireland Executive’s willingness to cooperate on a number of issues which have challenged them.
With the powers now sitting firmly in our hands, our politicians must grasp this opportunity whilst using the two years prior to the implementation of the new tax rate to ensure that we maximise the opportunity.
Also, whilst agreeing the budget, the Northern Ireland Executive must ensure that resources are in place to support marketing, skills and infrastructure development.
The crucial point when it comes to the Corporation Tax decision is that Corporation Tax is an investment in the private sector to grow new opportunities and to put new jobs on the ground for all of our communities. The price of doing nothing, of focusing solely on the past and ignoring the opportunity of the future is – for the business community – unthinkable.
NI Chamber also welcomes the Chancellor’s 45m spending package to assist first time exporters. This is entirely consistent with our recent call that much greater support for exporters is required.
The extension and widening of the Funding for Lending scheme (FLS) also shows that the Chancellor and the Bank of England are listening hard, and acting to address continued business frustration around tight credit conditions. However national initiatives to improve the level of bank lending to business such as the FLS are not working effectively in Northern Ireland.”
For further information please contact:
Communications & Policy Manager
Northern Ireland Chamber of Commerce and Industry
Tel: 02890 244113 / 07808789163