Committee Chair responds on devolution of fiscal power
13 February 2012
Responding to a statement issued yesterday by Northern Ireland Finance Minister, Sammy Wilson , saying that "that devolving fiscal powers to the Northern Ireland Assembly would mean less funding and would be economically dangerous for Northern Ireland", Laurence Robertson MP, Chair of the Commons Northern Ireland Affairs Committee, said:
"The NIA Committee has suggested that the powers to set its own rate of Corporation Tax should be devolved to the Assembly. There would be absolutely no cost to the Executive involved in devolving the power.
The only cost, short term at that, would be incurred if the Assembly actually decided to reduce its rate of Corporation Tax. But we believe that it should have the power to decide its own rate in order to allow it to start taking the initiative in rebalancing the NI economy."
Press inquiries to Jessica Bridges-Palmer bridgespalmerj@parliament.uk; 020 7219 0724; 07917 488 489
All other inquiries to northircom@parliament.uk; 020 7219 2173