It’s really quite pathetic and it will never happen but they like to push out these press releases;
Negotiations between the Executive and the Treasury over the devolution of corporation tax powers to Northern Ireland are at a critical stage, Stormont’s Finance Minister has said. But Sammy Wilson said he believed the Exchequer’s assessment of how much would have to be sliced off Northern Ireland’s block grant if the rate was cut here was still too high.
If the tax was decreased from the UK-wide 24% maximum to the 12.5% that currently applies in the Republic of Ireland, the region could face losing an annual £700m chunk from the Treasury by 2027. Mr Wilson told the Assembly there were also outstanding issues to be resolved on what proportion of any additional revenue raised thanks to the economic and job stimulation move could be retained in Northern Ireland. It could mean increased national insurance, income tax and VAT receipts. He insisted he and fellow Executive ministers were still committed to taking control of corporation tax powers — but warned it would ultimately come down to a political decision by the UK Government.
The 12.5% CT in the Republic is painted as some sort of fiscal panacea but did it stop the Republic going bankrupt? Did it protect jobs? The Lilliputians at Stormont have not got a clue. Devolving tax varying powers to these clowns will only end in even more tears.