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| Version 1 | Version 2 |
|---|---|
| Ministerial meeting to discuss cut in corporation tax | Ministerial meeting to discuss cut in corporation tax |
| (about 4 hours later) | |
| The first joint ministerial meeting between Stormont and Westminster politicians to discuss a proposed cut in corporation tax is under way. | |
| The first and deputy first ministers will lead a delegation at Stormont. | The first and deputy first ministers will lead a delegation at Stormont. |
| Ministers want the rate to fall from 26% to match the 12.5% levied in the Republic of Ireland. | Ministers want the rate to fall from 26% to match the 12.5% levied in the Republic of Ireland. |
| Secretary of State Owen Paterson said it was an important opportunity for local politicians to make their case. | Secretary of State Owen Paterson said it was an important opportunity for local politicians to make their case. |
| "This is real nitty gritty discussion which goes beyond our election and our coalition commitment to have a consultation and write a paper on the rebalancing of the economy, so this is really serious stuff before the Westminster government makes a decision one way or the other as to whether we will devolve corporation tax," he said. | "This is real nitty gritty discussion which goes beyond our election and our coalition commitment to have a consultation and write a paper on the rebalancing of the economy, so this is really serious stuff before the Westminster government makes a decision one way or the other as to whether we will devolve corporation tax," he said. |
| On Sunday, Finance Minister Sammy Wilson said that the price must be right if corporation tax is to be devolved to the executive. | On Sunday, Finance Minister Sammy Wilson said that the price must be right if corporation tax is to be devolved to the executive. |
| "We understand we have got to pay the price. That is a rule that we can't escape," he said. | "We understand we have got to pay the price. That is a rule that we can't escape," he said. |
| "But we want to make sure that price is the correct price, it's reasonable and does not hamper our ability to do other things in the economy by cutting a massive amount off the block grant." | "But we want to make sure that price is the correct price, it's reasonable and does not hamper our ability to do other things in the economy by cutting a massive amount off the block grant." |
| If agreed, the tax cut would have to be accompanied by a proportionate reduction in the block grant - the money Northern Ireland gets from the Treasury. That could be a cut of more than £400m a year. | If agreed, the tax cut would have to be accompanied by a proportionate reduction in the block grant - the money Northern Ireland gets from the Treasury. That could be a cut of more than £400m a year. |
| In October, Mr Wilson said that if agreed, it would be at least four years before the corporation tax level in Northern Ireland is cut. | In October, Mr Wilson said that if agreed, it would be at least four years before the corporation tax level in Northern Ireland is cut. |