Newry says YES

Secretary of State Owen Paterson was the guest speaker at the launch of Newry Chamber of Commerce & Trade’s campaign to support the efforts of the five main Northern Ireland political parties and the regions leading business organisations in seeking the devolution of tax raising powers from London to Belfast to allow the rate of Corporation Tax to be cut in Northern Ireland bringing it into line with that of the Republic. The ‘Grow NI – Reduce Corporation Tax’ campaign received unanimous support from the Greater Newry business community at the launch event which was held at the WIN Business Park, Headquarters of the Newry & Mourne Enterprise Agency on the 27th May. The event was attended by over 50 representatives from the local business community.

At the meeting, the Secretary of State outlined the benefits of reducing Corporation Tax in Northern Ireland. He said that these benefits would include the ability to attract more Foreign Direct Investment to Northern Ireland; the encouragement of indigenous companies to invest more of their retained profits; creating opportunities for supply chain organisations and creating major employment opportunities for quality, high paid jobs. The Secretary of State urged all businesses in Northern Ireland to respond positively to the UK Treasury’s consultation paper ‘Rebalancing the Northern Ireland Economy’ which he said offered a unique opportunity to put Northern Ireland on fast track economic growth trajectory. He asked businesses to email the UK Treasury directly on: niconsultion@hmtreasury.gsi.gov.uk to set out how lower Corporation Tax would help them and their businesses. He stated that only by showing the UK Treasury that there was overwhelming support could the proposal have any prospect of being implemented.

Members of the audience including Dr Gerard O’Hare, Mr Peter Conway and Mr John MacMahon provided supporting evidence as to how a reduction in Corporation Tax would assist the local business community.

Dr Conor Patterson, President of Newry Chamber with support from the many businesses present announced the launch of the ‘Newry say’s YES to Reducing Corporation Tax’ campaign. Dr Patterson urged businesses locally to respond to the Treasury’s consultation paper in favour of reducing Corporation Tax to align with the rate in the Republic. For further information on how you can get involved in this campaign, please contact Newry Chamber office, 028 3025 0303; email: info@newrychamber.com