Hi °C | Lo °C Richard Ramsey, chief economist of the Ulster Bank, is the latest spokesperson for a vested interest calling for a cut in corporation tax without declaring that interest (News, September 13).
The Ulster Bank, having played a big part in destroying our economy with reckless property lending, received countless billions in taxpayers' money to keep it afloat.
Now it wants more of our money in the shape of a cut in corporation tax.
Mr Ramsey claims a cut in corporation tax, transferring an additional £500m-£700m-per- annum of taxpayers' money into the pockets of the corporate sector, will help cure our serious youth unemployment problem, but provides no evidence.
Cutting £500m-700m-per-annum from the block grant would more likely cause a massive increase in youth unemployment.
The public sector would inevitably suffer massive job-cuts and the private small and medium enterprise (SME) sector would be devastated by the knock-on effect from this, with inestimable job-losses.
Your article then quotes a Department of Employment and Learning (DEL) report saying a corporation tax cut would create 58,000 jobs.
Anyone who believes an economic forecast like this needs serious counselling - given the state of the world economy.
Firms are not investing because of the recession and turmoil in Europe.
The Northern Ireland Executive should admit they have got this all wrong.
A massive, Tory-inspired cut in public expenditure would be devastating in the current circumstances.
BOYD BLACK
Secretary, Labour Party in NI
