The Ulster Unionist Party has responded to today’s budget speech by the Chancellor of the Exchequer.

Finance spokesperson Leslie Cree said:

“A number of announcements with a UK wide impact will be welcomed by many in Northern Ireland including the raising of the point at which people start paying income tax to £10,500 and reforms of Isas which mean that cash and shares Isas are to be merged into a single New Isa with an annual tax-free savings limit of £15,000 from 1 July.

“I also welcome the fact that Inheritance tax is to be waived for members of emergency services who give their lives in the line of duty.

The news that all long-haul flights from the UK are now to be subject to the same lower rate of air passenger duty currently charged on flights to the USA, will make Northern Ireland more attractive to airlines wishing to establish long haul routes from Belfast.”   

Economy spokesperson Sandra Overend MLA said;

“The main story to emerge from the Budget as far as Northern Ireland is concerned is the announcement of an Enterprise Zone in Coleraine, which will focus on hi-tech and online businesses. This is a very positive development, echoing what we in the Ulster Unionist Party have been pushing for in recent years. The timing is opportune given the recent announcements of almost 300 redundancies at the Driver and Vehicle Agency in the town.

“As ever with Westminster budgets in an era of devolution, we need clarity on the Barnett consequentials for Northern Ireland. However, the focus in the budget on reducing energy costs to manufacturing businesses and in turn putting money in consumer’s pockets is very welcome.”  

“It is a fact that although there are some encouraging signs, the recession in Northern Ireland has been deeper and longer lasting than in the rest of the UK. The local economy is still approximately 10 per cent below where it was when the recession hit and in those terms, we are still some way behind Great Britain.”