Clause 1 — Trading profits taxable at the Northern Ireland rate

Part of Supply and Appropriation (Anticipation and Adjustments) Bill – in the House of Commons at 2:22 pm on 4 March 2015.

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Photo of Naomi Long Naomi Long Alliance, Belfast East 2:22, 4 March 2015

I am aware of the pressure to want to do that quickly, but it is also important that, as the Executive do that, the cost of it to the Northern Ireland economy is thoroughly assessed and we work out how we are going to pay for it in the interim. Otherwise, before we reap the benefits, we could leave a gap in our public finances that could create pressure, particularly from those that are already under financial pressure. It could lead to a push back against the corporation tax reduction. Getting that balance right is important. I agree that it would be wrong for people to be unnecessarily tardy, but I also think it is important that proper due diligence is done around what that level should be.

Reaping the maximum benefit from the changes under this Bill requires political stability. It requires people, when they look to Northern Ireland, to see the positive images that are so often broadcast, as opposed to some of the more negative images we have seen in recent years. If we want lasting prosperity, it has to be shared among everyone in our society. It is therefore hugely important that we see political maturing not just in terms of the Unionist-nationalist question and how that is handled politically in Northern Ireland, but in terms of the productivity of the Assembly.