CORPORATION TAX reduction in Northern Ireland could take up to £300 million (€351 million) out of public spending, the North’s Minister for Finance said yesterday.
Businesses have called for the change to promote inward investment. But Sammy Wilson told the Northern Ireland Affairs Committee of MPs: “We could not afford to take a £200 million- £300 million hit on top of what we have already got immediately.”
He said it took time for large companies to move their operations.
Although cutting the tax from 28 per cent to 12 per cent in line with the Republic was designed to encourage investment, Mr Wilson pointed out existing companies that may not create another job would benefit from a windfall.