Mid – Ulster business world meets in Dungannon to discuss economy

29/06/2011
 

A Group of Mid-Ulster business people and politicians packed out the conference room of the Dungannon Enterprise Centre on Wednesday 22nd June to hear first hand the pros and cons of the rebalancing of the Northern Ireland economy.

In a Question Time style conference, hosted by Brian MacAuley CEO of the Dungannon Enterprise Centre, a panel included Owen Patterson Secretary of State, Des Kelly, Partner at Cavanagh Kelly Accountants; John O'Neill, Director of Venturei Network and Martin O'Hanlon, Partner at PWC were grilled on what the lowering of corporation tax would do for the Mid Ulster Economy.

The consultation period for submissions from business leaders and the public was extended by one week to the 1st July such is the importance in arriving at the best outcome for the province.

In an extract from the HM Treasury Consultation paper It stated that Northern Ireland is unique in that more than 30 years of conflict have taken their toll and the economy has suffered partly due to the difficulty in attracting foreign investment.

Mr Patterson who is passionate about its potential success is driving the campaign for the lowering of corporation tax. He cites our land border with the Irish Republic where the rate is 12.5% as one of the reasons to lower the rate.
He said: "We have a massively imbalanced economy where 77.6% of GDP is public spending, which will take 25 years by growing the private and reducing the dependency over time on the public sector."

Despite the enthusiasm of the Secretary of State and the majority of attendees there were some voices of opposition to the rebalancing plan with a number of local representatives concerned about the impact on the public sector and potential job losses.

Bernadette McAliskey from STEP said: "The people who will pay for it, particularly at times of public cutbacks, are the people at the bottom end of the scale."

After the event Brian MacAuley said he found the visit of the Secretary of State and the panellists input very useful in providing a better understanding of what a reduction in corporation tax may achieve.

Mr MacAuley encourages anyone with a view or comment on the re-balancing strategy to write to Richard Williams, Room 2/N2, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ or email to before the consultation period ends next Friday. He said: "No matter the size of your business your comments are essential as we try to grow Northern Ireland's economy: something we will all benefit from."

The conference was part of the Enterprise Centre's 20th anniversary that sees the Oaks Road business agency leading the way in its capacity of nurturing business start ups, in the economic development of the Dungannon area.

Source: Tyrone Courier
Date: Wednesday 29th June 2011

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