Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber) says today’s announcement represents the culmination of a campaign which has been underway for some years and in which NI Chamber has played a central role with partners in Grow NI.

“NI Chamber welcomes the Northern Ireland Corporation Tax Bill which will enable the devolution of Corporation Tax powers in April 2017. Our political representatives now have the opportunity to use this stimulus to grow the private sector and rebalance the economy.

“The Corporation Tax environment presents a huge opportunity in the immediate future for Northern Ireland to accelerate growth and reduce its dependence on subvention to maintain standards of living. As well as attracting inward investors, indigenous trading businesses and those in the supply chain will also benefit.”

Commenting on how the NI Executive must begin preparations for 2017 immediately, she said:

“A change in the Corporation Tax regime is likely to lead to a period of transition, as existing companies adapt to the change and new companies enter the market.

“It is essential that we start to prepare and ensure that sufficient budget is allocated to Invest NI so it has the resources to market the new inward investment proposition and to continue to support high value job promotion and there should be increased investment in Grade A office and industrial space.

“Also as the new tax regime is expected to change the employment market within Northern Ireland, a focus on skills development is important.”