Sammy welcomes Chancellor's Autumn Statement
East Antrim MP Sammy Wilson has welcomed the Chancellor’s Autumn Statement that was presented to Parliament today.
Speaking from Westminster Sammy said, ‘In Northern Ireland we can give a broad welcome to this statement which delivers a number of positive outcomes.
Firstly, the announcement that the Executive will receive an additional £250million of capital funding will be welcomed by everyone. Whilst the Executive will have to decide exactly what this funding will be directed towards, there has been a particular focus on the York Street Interchange recently.
The commitment by HM Government to continue with plans to reduce Corporation Tax is also good news for the Executive. As the UK rate decreases, the cost for the Executive to introduce the 12.5% rate is also cut while at the same time the UK reduction should not impact on our ability to compete for investment with the Irish Republic.
The recognition too that economic growth across the UK has been imbalanced is positive. It is important the Government takes steps to ensure that all parts of the country benefit from economic growth, and I would hope Northern Ireland can capitalise on this.
However despite the fact that the forecast growth figure since the Brexit decision was much lower than the actual growth the Chancellor has taken the most pessimistic view of long term growth by using the highly uncertain forecast from the OBR. The danger is that such pessimism can be self fulfilling and if that is the case the effect is magnified in regions such as N.I. Whatever his personal views on our EU membership it ill becomes the chancellor to talk our economy down by using pessimistic and suspect forecasts of growth.