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Surplus Target and Corporation Tax

Part of the debate – in the House of Commons at 4:27 pm on 4th July 2016.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State 4:27 pm, 4th July 2016

As the hon. Lady knows, we still have to work out the fiscal underpinning of these arrangements, but they allow the Northern Ireland Executive to set any rate that they want. The good news about the reduction in the UK rate is that it applies to businesses throughout Northern Ireland as well, and, to put it, bluntly, makes it cheaper for the Northern Ireland Executive to reduce their corporation tax rate.