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Last Updated: Wednesday, 15 November 2006, 13:19 GMT
Tax cut 'to create 180,000 jobs'
Factory
Northern Ireland businesses want corporation tax reduced
Reducing corporation tax to match the Irish Republic's rate could create 180,000 jobs in NI over the next 25 years, a taskforce report has claimed.

The report, commissioned by the Industrial Taskforce, recommends a cut in corporation tax from 30% to 12.5%.

Taskforce chairman Sir George Quigley said the move would "double the growth rate of the local economy".

He said the aim of a tax cut would be to "make us far more competitive in the international investment market".

'Profitable'

"The kinds of jobs we would be angling for, and the kinds of jobs, for example, that have come to the Republic with this kind of tax regime, are high value-added jobs," he said.

"These are very profitable companies, they are backed by massive R & D resources (research and development), managerial resources, all the rest of it.

"We have to tap into that."

Earlier this month, the chancellor announced a 50bn package for Northern Ireland linked to the re-establishment of devolution.

However, the parties were disappointed that Gordon Brown had not offered to cut corporation tax.

At that time, Mr Brown had indicated he was prepared to talk further on the subject of corporation tax.


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