New trading status may be third time lucky for North’s economy

Business in Northern Ireland missed out on a reduced rate of corporation tax when the Executive was suspended for three years. Was unionist opposition to Theresa May’s backstop provision really such a good idea?

20th December, 2020
New trading status may be third time lucky for North’s economy
Theresa May, the former British prime minister: her backstop proposal allowed opportunities for a low corporation tax rate and single market access for the North

Twice in the past decade, Northern Ireland business has missed out on opportunities for preferential trading arrangements,

The first missed opportunity had to do with a reduced rate of corporation tax. After years of political and technical manoeuvring, London consented to the application of a 12.5 per cent rate of corporation tax for companies based in the North, on condition that the Northern Ireland Executive could formulate a balanced budget.

The three-year suspension of the executive...

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