NI Conservatives’ finance spokesman, Harry Cullen, has called George’s Osborne’s Autumn Statement, “a tonic for people who want to work hard and get on, in Northern Ireland”.
“The chancellor made it quite clear that the government is still in the process of tackling the debt crisis left by Labour”, Harry noted. “But his announcements offer a shot in the arm for all the people in Northern Ireland who simply want to get jobs, work hard and get on.”
“This was a statement aimed squarely at creating jobs. The £132 billion investment in infrastructure for Northern Ireland announced by George Osborne will provide a huge boost to the construction industry. And, although the debate for lower Corporation Tax in Northern Ireland continues, the main rate will fall to 21% in 2014, which is extremely competitive as regards the larger economies. In addition, capital allowances will increase to £250,000, which allows companies to invest, expand and employ more people with confidence.”
“For those on lower incomes, the news that the personal allowance for tax has been raised by an incredible £1,335 will be very significant. This means that no-one earning £9,440 or under will pay any tax at all, lifting 8,000 people out of tax altogether and cutting bills for 615,000 in Northern Ireland. And for drivers and businesses, the announcement that a 3p rise in fuel duty will be scrapped, rather than delayed, is an enormous relief, after Labour governments allowed prices at the pump to go up and up. Drivers will be better off to the tune of £40 per year.”
“This government has been considerable progress in cutting the deficit and getting the economy back on track. That is something that benefits Northern Ireland, as other economies in Europe continue to lag behind. The chancellor’s statement looks to reward all of the people here who are working hard and doing the right thing.”