The Ulster Unionist Party has accused Sinn Féin of backsliding on the issue of Corporation Tax and called for them to clarify their position.

Ulster Unionist economy spokesperson Adrian Cochrane-Watson said:

“Once again Sinn Fein comments suggest they have reneged on the apparent agreement on cutting Corporation Tax. From his policy track record, their spokesperson Mr Hazzard prefers promising to cut up people’s credit cards as opposed to cutting Corporation Tax.

“On Monday 23 February 2015, all five main political party leaders at Stormont agreed that Corporation Tax should be cut, with the aim of having a rate of 12·5% as early as 1 April 2017. Then, the very next month, the deputy First Minister was overpowered by his southern command and reneged on that commitment.

“After yet more delay, the so-called ‘Fresh Start’ Agreement put the target date for cutting Corporation Tax back by a year to April 2018.

“Unless Sinn Fein once and for all clarify their position, it looks like the dysfunctional parties who have dominated the Executive since 2007 have proven themselves entirely incapable of making fiscal decisions and sticking by them.”

Note to Editors:

From Ulster Unionist Party Manifesto

As far back as February 2015, all major parties in this Assembly committed themselves to going for the lowest rate and the earliest implementation of a lower rate of Corporation Tax, namely, 12.5% to take effect from 1st April 2017.

Unfortunately because of the decision making paralysis at the heart of the DUP/Sinn Fein led Executive, that that target has been set back a year. Potential overseas investors will not wait forever, so there must be no further backsliding on this matter.

We will re-commit to a lowering of Corporation Tax to 12.5% at the earliest possible start date, which is now April 2018