Ulster Unionist Economy Spokesperson, Sandra Overend, has commented following the budget statement delivered by the Chancellor of the Exchequer George Osborne earlier today.

The Mid Ulster MLA said:

‘There were a number of encouraging aspects contained within the statement today and I would particularly welcome the reduction in bureaucracy and red tape for small businesses with a turnover of up to £77,000. This is to be achieved through the simplification of the tax system which will make it easier for small businesses to navigate.’

‘I was also pleased to hear proposals to offer young people enterprise loans to start their own businesses. Many young people can access finance to go to university or college and it is a positive development that they will now have the opportunity to take forward their own business ideas and in turn grow the private sector.’

‘I note that Corporation Tax will be reduced to 22% by 2014. It is well documented that we are pushing for the devolution of corporation tax in Northern Ireland due to the benefits which a reduction in that tax would bring, however, the cost of such a move to the Block Grant has yet to be established. In evaluating this cost, today’s announcement by the Chancellor should be taken into account.’

'I also noted the Chancellor make reference to an Enterprise Zone for Northern Ireland. This has been a long-held Ulster Unionist aim, and we look forward to finding out more details about this particular proposal.'

‘As regards income tax, personal income tax allowance will be raised to £9,205 from April 2013, making 24 million people £220 a year better off. This extra disposable income will be beneficial for people throughout Northern Ireland as they are finding it more difficult to make ends meet.’

‘The Coalition Government also announced it will extend mobile coverage to 60,000 rural homes and along at least ten key roads by

2015 including the A2 and A29 in Northern Ireland. This is very good news considering the A29 is in my own constituency of Mid Ulster. I have spoken to a number of constituents who have expressed their dissatisfaction with mobile coverage and these proposals will improve the service.’

‘However, I and my Party remain concerned about the regional public sector pay issue. During the budget the Chancellor stated that he intended to publish the Government evidence on the case for regional public sector pay. Therefore, the option has been set out for government departments to move to regional pay structures for civil servants when current pay freeze ends. The Ulster Unionist Party does not support a move that would disproportionately affect Northern Ireland.”