Lough Shore Investments backs Grow NI campaign
Lough Shore Investments recently attended the launch of the GROW NI campaign. GROW NI sees Northern Ireland's leading local business organisations come together in calling for the devolution of power on corporation tax to the Northern Ireland Assembly.
The UK Government has issued a consultation paper on the subject and GROW NI is calling for a widespread response from local businesses.
Speaking at the launch of GROW NI Eamonn Donaghy of KPMG said: “We are closer now than ever to realising the long held aim of gaining the power to reduce corporation tax which can help rebalance the NI economy, grow the private sector and create long term, sustainable, well paid high quality jobs. That is the goal and that is within reach."
“The business community is absolutely united, across all sectors of the economy, large businesses and small, indigenous companies and those from outside NI, retail and service sector alongside manufacturing and industrial. The political parties are all pledged in principle to the reduction of corporation tax and we have a champion at the heart of the UK Government in the guise of Owen Patterson. The Secretary of State has pledged to carry our argument within Treasury and Downing Street – it is up to us now to give him as strong a voice as possible, by responding positively to the consultation before consultation closes on 24th June.”
Business organisations represented at the launch include: NI Chamber of Commerce, CBI, IOD, Arts and Business Northern Ireland, the Construction Employers Federation, Enterprise Northern Ireland, The Federation of Small Business, Northern Ireland Food and Drink Association, The NI Hotels Federation, The NI Manufacturing Group, Momentum NI, Northern Ireland Retail Trade Association, Quarry Products Association NI, The Pubs of Ulster, The NI Centre for Competitiveness, Ulster Society of Chartered Accountants, The Law Society, Queen’s University Belfast, University of Ulster, and accounting firms KPMG, Ernst & Young, Deloitte, Lough Shore Investments, BDO, and Grant Thornton.
Business owner Jim Sammon, MD of Sammon Chartered Surveyors, and Padraig Canavan, Managing Director of Singularity set out how a reduced tax would benefit each of their businesses and increase the strength of the private sector. Eamonn Donaghy outlined the potential benefits of a reduced tax: “Today is not about the detail of implementing a reduced rate of corporation tax. That debate can take place, and indeed should take place, once the Assembly has the power to vary the corporation tax rate. Today and the next four weeks are about achieving the ability to vary the rate, then we can have the detailed debate about rates and timescale.
“The NI Economic Research Group has estimated that a reduced level of tax to 12.5% could lead to the creation of 90,000 new jobs over 20 years and the NI Affairs Committee in the House of Commons has endorsed that view. There has been a campaign ongoing at different levels now for more than 10 years on this issue and at this moment the end line is in sight. Today GROW NI is calling on all businesses, employees, job seekers, representative bodies and others to input into this debate.”