Northern Ireland: Public Expenditure
Debate between Lord Rana and Lord Shutt of Greetland
Lord Shutt of Greetland
My Lords, Northern Ireland, like the rest of the United Kingdom, will need to play its part in reducing the budget deficit, but as the Prime Minister said recently, it will not be targeted for cuts above any other part of the United Kingdom. The Government remain committed to working with Northern Ireland Minsters to boost the Northern Ireland economy and to supporting the devolved institutions provided for by the Belfast, St Andrews and Hillsborough Castle agreements.
Lord Rana
Does the Minister accept that, given the impending pressures on the public sector, it is essential to promote a much stronger private sector in Northern Ireland, with a solid core of high value-added jobs? I therefore ask the Government to implement urgently the pledge given by the Prime Minister before the general election to produce a government paper examining how the corporation tax rate in Northern Ireland can be changed to attract more investment to the region. In asking this question, I declare my interest as former president of the Northern Ireland Chamber of Commerce and Industry, when I campaigned for it, and as a businessman from Northern Ireland.
Lord Shutt of Greetland
My Lords, I thank the noble Lord for his supplementary question and acknowledge his experience in adding to the private sector in Northern Ireland. I can advise him that my right honourable friend the Chancellor of the Exchequer confirmed today in his Budget Statement in another place that the Government, in consultation with the Northern Ireland Executive, propose to publish a paper on rebalancing the Northern Ireland economy which will examine potential mechanisms for changing the corporation tax rate in Northern Ireland.