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Finance Minister responds to Chancellor’s comments on Corporation Tax

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Finance Minister Máirtín Ó Muilleoir has responded to George Osborne’s recent comments on Corporation Tax.

Speaking before the North South Ministerial Council meeting in Dublin, Finance Minister Máirtín Ó Muilleoir said: “Yesterday’s announcement by George Osborne that he plans to cut corporation tax to less than 15% will be explored during upcoming negotiations promised by the Chancellor. It is my intention to bring a report to the Executive on the Corporation Tax options post-EU referendum and following the latest announcement. I remain committed to devolving corporation tax powers from London.

“There has been a dramatic change in circumstances since the referendum but it remains my contention that we can do a better job for our people with the devolution of more fiscal powers. Of course, access to the European market and free cross-border trade are essential to our future.

“While I welcome the announcement that the British Chancellor has abandoned his ill-considered target to restore government finances to a surplus by 2020 there is still uncertainty over what this will mean for the Executive’s budget. I will, with my Scottish and Welsh colleagues, be urging the Chancellor not to inflict further reductions on the executive’s already constrained budget.

“It is clear that we will have to develop our own stimulus package for the North and I have already started discussions in that regard with officials.”

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