Monday, 13 December 2010

Taxes are so ‘unattractive’

THIS week it has emerged that former chief ‘A’ level examiner and current Minister for Finance and Personnel, Sammy Wilson finds tax cuts ‘unattractive’ – well one in particular.

There has been much lobbying for a reduction in Corporation Tax to align ourselves with our Southern cousins. Now it has emerged that if we do it HM Treasury want some money back. You just cannot win!

If the Corporation Tax was reduced then it is imagined that a tide of FDI (that means Foreign Direct Investors to those who are not privileged to stalk the multi-storey Invest NI Bedford Street mega office) will sweep into Northern Ireland. It is also imagined that if the NI Executive can just capture that leprechaun and his pot of gold then all will be well for the Budget.

Let’s face it – the idea that lowering Corporation Tax is a panacea is fanciful if not ridiculous at best. Along with – if we slash the public sector then everything will work out despite the fact that our economy is dependent on the sector.

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