Commenting on the Chancellor’s Budget, Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber), said:

On an extra £115m for Northern Ireland…

“With almost £115m in additional funding coming to Northern Ireland as a result of the Chancellor’s Budget, it again highlights the urgency of a 2017-2021 NI Executive Budget so the funding can be allocated and to ensure we have the stability required to help the economy grow.”

On addressing low productivity…

“The Chancellor highlighted the importance of addressing the UK’s low productivity rate – a persistent feature of the Northern Ireland economy, with Output (GVA) per hour worked in Northern Ireland remaining the lowest of the twelve UK regions, lagging 19% behind the UK average. The gap has been persistent and widening for many years despite being the target of a number of economic strategies at Northern Ireland and UK level.

“We hope that Northern Ireland’s new Economic Strategy, which must be finalised quickly by the next NI Executive, can work alongside the UK’s Industrial Strategy to finally implement measures that will address this issue.”

On Corporation Tax…

“The Chancellor confirmed that the UK’s Corporation Tax rate will fall to 17% by 2020 – narrowing the gap between Northern Ireland’s proposed 12.5% rate and the rest of the UK and in turn making Northern Ireland’s planned cut more affordable.

“A reduced rate of Corporation Tax is a key economic tool for Northern Ireland and it is therefore vital that we have a new Executive in place as soon as possible in order to secure this lower rate. This is key to job creation and boosting the region’s attractiveness to investors.”

On the Apprenticeship Levy…

“The Chancellor says the Apprenticeship Levy will support three million more apprentices by 2020. However the levy is further developed in England and seen as an unnecessary tax by our members. With its implementation weeks away, NI firms still have a number of unanswered questions surrounding the levy whilst also seeking reassurance that the funds received from the levy in Northern Ireland will be ring-fenced for apprenticeship/skills funding only here.”