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Corporation tax cut will hurt economy

The Stormont Minister for Finance, Sammy Wilson, is trying to blame the hold-up in the proposal to reduce corporation tax - ie the tax on large company profits - on the Secretary of State (News, July 28).

However, Sammy Wilson's party and the other parties in the Stormont Executive are still supporting the Tory-led Coalition's flawed proposal to reduce corporation tax in Northern Ireland.

This in spite of the results of a Belfast Telegraph/LucidTalk poll on June 14, which showed a majority of the Northern Ireland public are, quite rightly, against the idea.

The Executive's proposal will lead to a massive transfer of resources from the public purse to the pockets of the owners of large companies and their professional advisers in the big legal and accounting firms.

But the resulting additional cut in the block grant of an estimated £500m per annum (or more) will lead to the decimation of our public sector.

The private small business sector could face a virtual wipeout as a result of the cut in expenditure. The additional jobs 'forecast' by the Executive may also never materialise.

It is time Sammy Wilson and the Executive listened to public opinion and scrapped this madcap proposal before it is too late.


Secretary, Labour Party in Northern Ireland

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