Ulster Unionist Finance Spokesperson Leslie Cree MLA, has reaffirmed his Party’s commitment to improving the performance of the local economy.    

Speaking during a debate at Stormont on the devolution of more fiscal powers to the Assembly, the North Down representative said:

“The Ulster Unionist Party is totally committed to improving the performance of the local economy.  We have a long track record of promoting policies which will help boost the economy and indeed it was the Ulster Unionist Party which pioneered the issue of the devolution of corporation tax varying powers because we were persuaded that this would bring about a clear financial benefit to Northern Ireland, as it had in the Republic.

“We need corporation tax urgently.  Other taxes may be devolved in the future provided there is a defined and economic benefit to Northern Ireland.  In the meantime we need to see progress on re-balancing the local economy and the take up of R&D tax credits, training credits and national insurance breaks.  

“Ulster Unionists are committed to growing the private sector locally and to tackling the local unemployment rate, which has historically been higher than many other areas of the UK.

“There was a certain irony in the party which proposed the motion  -  NI 21 - calling for more powers to be devolved to this Assembly given that they have in the past stated that the Assembly is something of a dysfunctional basket case. With that in mind, one must ask why they want to give it more powers.

“If we are being honest, in Northern Ireland tax varying powers means tax raising powers. Put simply, some parties here are economically illiterate and are ideologically wedded to the concept of tax and spend and for them economic policy is simply all about asking London for more money. If such a mentality was to be given the right to vary tax locally, I fear that there is only one way in which that would go and it is tax increases.    

 “We must also be mindful that a local variation in income tax could prompt the Westminster Government to break parity and impose a regional variation on public sector pay and welfare benefits.

“In terms of additional fiscal powers, I believe the onus is on the Assembly and Executive to demonstrate that they are capable of exercising the powers that they already have.”