Wed 16th Mar 2016
NI Chamber Budget 2016 Comment
The Northern Ireland Chamber of Commerce and Industry has given a guarded welcome to today’s budget.
Commenting Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:
“There are some welcome elements of the budget particularly for small businesses in terms of tax relief and stimulus for investment. As an economy built on SME activity this is to be welcomed. The further reduction of Corporation Tax across the UK is an indication that Corporation Tax is indeed a useful economic tool and gives further credibility to the long term campaign to have this measure devolved. It is positive that the rate of Corporation Tax in Northern Ireland, which is set to fall to 12.5 per cent in April 2018, will remain at a significantly lower level than our GB neighbours. The 4.5 per cent difference will help us attract much needed foreign direct investment.
“Also, the so-called sugar tax is timely and the Chancellor has signalled that the levy will be redistributed among the devolved regions. That is likely to be a significant sum and offers the incoming NI Executive extra fiscal leverage to invest in our infrastructure and support a balanced economic recovery.”