Oral Answers to Questions

Debate between Andrew Murrison and Robert Jenrick

Wednesday 10th December 2014 Commons Chamber

[Dr Murrison]

Yes, I very much do. It is quite clear that we need to increase prosperity in Northern Ireland. Prosperity is the key to improving security, as indeed is security to the prosperity of Northern Ireland. It is worth noting the substantial amount of foreign direct investment that Northern Ireland is now attracting. It gets the UK’s second most FDI per head, with a 32% increase last year. Foreign investors are recognising that Northern Ireland is a great place in which to invest. The latest figures are extremely encouraging.

[Robert Jenrick]

I welcome the Chancellor’s announcement that corporation tax setting powers will be on their way to Northern Ireland. The Northern Ireland economy is of course very heavily dependent on public sector jobs. What more can the Government do, using the corporation tax powers when they come, to encourage inward investment and innovation in Northern Ireland?

[Dr Murrison]

The Chancellor has expressed our desire to devolve that power to the Executive, and the Executive are keen to take it on. The extent to which it will impact on the Northern Ireland economy is of course a matter for the Executive—as is the level at which they wish to pitch corporation tax, once devolved—but they have suggested that up to 40,000 jobs might be created in Northern Ireland by having the power. It is particularly important for encouraging the private sector. As my hon. Friend will know, we are trying with the Executive to rebalance the economy so that the private sector is encouraged, and the devolution of corporation tax is an important part of that.