Baroness Ritchie of Downpatrick
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Surplus Target and Corporation Tax
Baroness Ritchie of Downpatrick Excerpts(8 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
The Prime Minister’s position—which I share, and which I think is sensible for the country—is that we should trigger article 50 when we are clear, collectively, about the new model of the relationship that we want with our European allies, so that we are well prepared for the negotiations on which we would then embark.
Ms Margaret Ritchie (South Down) (SDLP)
The Government have already approved a power for the Northern Ireland Executive to reduce corporation tax. In that context, does the Chancellor accept that the decision to cut corporation tax in Britain to 15% raises issues of attractiveness and competitiveness for the Northern Ireland rate when it comes to foreign direct investment?
Mr Osborne
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.