Whilst the business driven announcements in the Budget were generally of interest in Northern Ireland, the Chancellor also heralded the publication of the Government consultation paper on measures to rebalance the NI Economy. That paper was published at the end of last month and the consultation will close on 24 June.

According to the Official Statement, the consultation paper sets out options “that could be taken to support rebalancing of the Northern Ireland economy, including the issues involved in devolving the power to vary the corporation tax rate for profits in Northern Ireland.”

Chartered Accountants Ireland has long campaigned on the merits of a reduced rate of Corporation Tax being available in Northern Ireland. Though we note the costs, there is strong evidence for the positive impact it will have.

The NI Rebalancing the Economy Press release and con-doc can be accessed at http://www.hm-treasury.gov.uk/consult_rebalancing_ni_economy.htm