Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The document is entitled A Fresh Start but it clearly must deal with a range of issues that have been ongoing for many years, current matters and challenges for the future. It is a good title and from having met the First Minister, Deputy First Minister and other members of the political spectrum in Northern Ireland, this was particularly challenging for many of them. The situation evolved and was agreed. Britain would retain responsibility for welfare but because Northern Ireland is recognised as an economy emerging from conflict, an extra £500 million plus would be made available to deal with top-ups with respect to particular credits.

The best way out of poverty is a job. An economy in trouble or with reputational damage suffered either by perception or the reality of paramilitarism or criminal activity would not progress as freely as one might wish. In that sense, the decision taken first by the British Government to devolve authority to the Executive speaks for itself. It is also an indication of a sense of confidence and belief that the Executive fought for so hard through the Good Friday Agreement and others can work, with the responsibility being given to politicians to make it work, which will have a benefit for Northern Ireland.

In our area down here, the figures for corporation tax in 2015 will be the biggest ever, exceeding the €6.7 billion collected way back in 2006.

There are reasons for that, many of which relate to changes in the way this is assessed and paid. There has also been an increase in opportunity in firms that contribute between €100,000 and €1 million, with an increase of 20% in the numbers down here. In terms of the island economy, a straight 12.5% corporation tax rate across the board will make the island of Ireland more attractive for investment from abroad.

In the budget the Minister for Finance brought in the first OECD-compliant patent knowledge box, which is 6.25%, half the corporation tax rate. That will make the Republic even more attractive for that kind of investment, and I cannot say whether the Northern Ireland Executive will follow suit in due course.

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