Meetings over recent weeks have included a briefing with Sinn Fein MLAs Padraig Delargy and Jemma Dolan, as well as a presentation on the Corporation Tax issue to a joint meeting of the Northern Ireland Assembly Finance and Economy Committees.

Last year the Institute launched a position paper. Enhancing our Competitiveness, looking at the proposition. You can read this paper here: https://bit.ly/EnhancingOC

The Ulster Society has now met recently with all 5 main parties in Northern Ireland, and pledges to continue this engagement in the months ahead.

We have also met with representatives from the Northern Ireland Chamber of Commerce and the Confederation of British Industry Northern Ireland to discuss potential ways forward in the ongoing campaign to reduce the corporation tax rate in Northern Ireland.

Among the issues discussed was the need for an economic assessment of the impact of reducing the corporate tax rate on employment, earnings and investment. The 2021 ESRI research ‘Enhancing Attractiveness of the Island of Ireland to High-Value Foreign Direct Investment’ shows that a reduction in the rate of corporate tax to 15% would yield an annual increase of 7.5% in high-value Foreign Direct Investment in Northern Ireland.

One of the main issues that remains is the potential impact on the block grant that Northern Ireland receives every year. The Institute outlined various measures that can be availed of to overcome this issue, most notably the use of a low interest loan from Westminster to manage the initial drop in corporate tax revenue that would arise immediately after the rate reduction.