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IoD welcomes new 'Fresh Start' plan

18 November 2015

In response to a deal being reached on the date and rate of corporation tax, Linda Brown, Director of the Institute of Directors (IoD) in Northern Ireland, said:

“The IoD has worked tirelessly with its business partners in Grow NI to promote the significant economic benefits of a lower corporation tax for Northern Ireland. Today’s announcement was worth waiting for and will be warmly welcomed by the IoD membership, although ideally we would have preferred an earlier implementation date.

As a region, we have been working to build a skilled labour force, and introducing a lower rate of corporation tax than the rest of the UK will provide an added incentive for leading global companies to locate here, which in turn will deliver thousands of jobs and support the local supply chain."

Local economist Eamonn Donaghy has recently suggested that the cost of implementing the lower rate of tax at as little as £100m per year by spreading the early year costs so the impact on the block grant would be much lower than initially forecast.

The IoD will continue to play its part in developing business leaders to help create the vibrant economy that this sea change will facilitate.

“We are also pleased that an Independent Fiscal Council will be established which is effectively implementing our Chairman Paul Terrington’s call last month for the extension of the remit of the Office of Budgetary Responsibility to Northern Ireland to help improve efficiencies in public spending.”

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