Sherlock welcomes prospect of lower Northern Ireland Corporation Tax Rate

A lower corporation tax rate in Northern Ireland would boost the economies on both sides of the border, Minister of State for Development, Trade Promotion and North South Co-operation, Seán Sherlock TD, said today.

Commenting on UK Chancellor George Osborne’s budget statement, Minister Sherlock said:

“The Government has consistently given its support to the growing demands for a lower corporation tax rate in Northern Ireland. The prospect of further growth in Northern Ireland’s private sector economy will open up increased job and trading opportunities on both sides of the border and greater scope for economic and R&D collaboration and cooperation.

“Measures and policy initiatives which boost economic growth in Northern Ireland are good for the economy of the whole island.

“We account for one quarter of Northern Ireland’s manufacturing exports and Northern Ireland sells more goods to us than to the Americas and Asia combined.”

Cross border trade figures released this week by the Northern Ireland Research and Statistics Agency show the relative importance of the cross border economy. The value of North-South cross border trade increased last year by over 7% to a value of €3.04 billion.

ENDS

Press Office
04 December 2014