Ulster Unionist Peer Lord Empey has backed his Party Leader Mike Nesbitt’s call for the Chancellor to give a commitment on the devolution of Corporation Tax setting powers to Stormont.
Lord Empey said:
“I warmly endorse the call today from the Ulster Unionist Party Leader Mike Nesbitt for a commitment from the Chancellor of the Exchequer George Osborne to devolve Corporation Tax setting powers to the Northern Ireland Assembly.
“At the insistence of the Ulster Unionist Party, David Cameron inserted a commitment in his 2010 election manifesto to deliver such powers to Stormont. This process has been delayed for some years now awaiting the decision of the people of Scotland. Now that is out of the way there is no reason for further delay.
“With a promise of additional powers to the Scottish Parliament, now is the time for Osborne to deliver. It will be up to the Assembly to decide if or how to use Corporation Tax powers, but it would be a good insurance policy for Stormont to have the option at its disposal in case Holyrood would get such powers and Stormont would not, thus leaving Northern Ireland at an even greater disadvantage not only against the Irish Republic but against Scotland as well!
“Rates of Corporation Tax have been steadily reducing, and I welcome that, but the Irish Republic is still some way ahead of us. We also know that there would be consequential reductions in public spending if these powers were exercised by Stormont, but the more tools we have in the box in these days of uncertainty the better.”