Belfast Telegraph

Home Opinion Letters

Northern Ireland corporation tax cut needed for a better future

The Northern Ireland economy faces significant structural challenges and offers insufficient job opportunities for young people.

We believe the best opportunity to help transform the economy and create a significant increase in jobs across the private sector is through a low and competitive rate of corporation tax. Reducing corporation tax to 12.5%, which is the comparable rate in the Republic, will make Northern Ireland a much more competitive location for both international and local investment.

We believe this will be quickest way to contribute to the transformation and rebalancing of the Northern Ireland economy and to create jobs. Not only will lower corporation tax attract substantial additional foreign direct investment but, through allowing businesses to retain more of their earnings, it’ll encourage greater reinvestment by locally owned businesses. This increase in investment will raise the spending power in our local economy, which in turn will drive more growth in many smaller companies servicing the local market across a wide range of sectors.

We need to encourage our politicians to take this opportunity to devolve corporation tax powers to the Assembly. Achieving this outcome will help our own businesses to invest, grow and create more employment here.

Declan Billington,

John Thompsons & Sons

Padraig Canavan,

Singularity

Sean Cromie,

BE Aerospace

Dr David Dobbin CBE,

United Dairy Farmers Ltd

Jack Gault,

Glen Dimplex

Bro McFerran,

Allstate Northern Ireland

Hugh Nicholl,

Nicholl (Fuel Oils) Ltd

Mark Nodder,

The Wright Group

Liam O'Hagan,

Delap and Waller

Patricia O’Hagan,

Core Systems (NI) Ltd

Sir William Hastings,

Hastings Hotels

Michael Ryan,

Bombardier Aerospace

Nic Stirk,

SLA Mobile

Graham Sutherland,

BT Northern Ireland

Mark Sweeney,

F G Wilson (Engineering) Ltd

Adrian Toner,

First Derivatives plc

Belfast Telegraph

Popular

From Belfast Telegraph