Northern Ireland Investment Summit

Debate between Lord Johnson of Lainston and Lord Morrow

Thursday 23rd November 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I thank my noble friend for that point and I agree with him. We have a renewed staff level in Belfast to encourage this type of investment, and I hope that they will continue their excellent work.

[Lord Morrow (DUP)]

My Lords, like everyone else in your Lordships’ House, I too welcome the recent summit and hope that there will be an increase in good news following it. Can the Minister tell me to what degree does the rate of corporation tax impact our economy and the attraction of foreign investment, bearing in mind that the rate today is 25% while in the Republic of Ireland it is 12.5%?

[Lord Johnson of Lainston (Con)]

I am grateful for that question and the opportunity to discuss matters of tax. Yesterday, the Chancellor announced in his Autumn Statement a raft of incredibly powerful measures to ensure that businesses are competitive, that we invest and that we can create the jobs for our modern future economy. It is crucial to remember—and the point is often made in this House—that fiscal responsibility is the central component of good government finances. That is what my investor base looks forward to—predictability, certainty and decent long-term returns—and that is what we are providing.