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Ministerial meeting to discuss cut in corporation tax Corporation tax talks at Stormont 'constructive'
(40 minutes later)
The first joint ministerial meeting between Stormont and Westminster politicians to discuss a proposed cut in corporation tax is under way. Ministers from Stormont and Westminster said they had constructive discussions surrounding plans to cut corporation tax in Northern Ireland.
The first and deputy first ministers will lead a delegation at Stormont. The first, deputy first and finance ministers met with Secretary of State Owen Paterson and David Gauke, the treasury minister at Stormont Castle.
Ministers want the rate to fall from 26% to match the 12.5% levied in the Republic of Ireland. Mr Gauke said officials would now work on detailed plans about how a cut could work and the possible implications.
Secretary of State Owen Paterson said it was an important opportunity for local politicians to make their case. Stormont wants a drop from 26% to match the 12.5% levied in the Irish Republic.
Prior to the meeting, Mr 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.