Iain McKenzie
Main Page: Iain McKenzie (Labour - Inverclyde)Department Debates - View all Iain McKenzie's debates with the Cabinet Office
(9 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Dr Murrison
That very much depends on whether the powers are taken up by the Executive and the extent to which they are taken up. The hon. Lady will be aware that corporation tax in the last financial year raised in excess of £400 million. Were corporation tax to be devolved, and reduced as far as it possibly could be, then we are talking about that sort of figure.
Mr Iain McKenzie (Inverclyde) (Lab)
13. Is the Minister aware that the Nevin Economic Research Institute warns that £400 million will have to be cut from public spending in Northern Ireland should corporation tax be moved there?
Dr Murrison
That is a matter for the Executive. They need to make a judgment on whether it will produce a net improvement to the economy in Northern Ireland. They have decided that it will create up to 40,000 extra jobs, so they clearly believe that corporation tax will have a net benefit to the economy of Northern Ireland, but they will have to find the money from the block grant.