09/05/2008
Investor O'Reilly Calls For Tax Rate Reduction
All the money that's being sought for investment in Northern Ireland isn't just coming from the USA.
The Belfast Telegraph owners, Independent News & Media (INM) also got into 'investment mode' at the Stormont conference this week - and took the opportunity to press the Prime Minister on rates of business taxation.
Sir Anthony O'Reilly, INM's Chief Executive, revealed that the company is to benefit from an additional £7 million investment for further expansion and the purchase of two high speed print towers at its Co Down facility.
The news came during his speech given in Parliament Buildings, Stormont at the US/Northern Ireland Investment Conference hosted by First Ministers Ian Paisley and Martin McGuinness and attended by, among others, New York Mayor Bloomberg, Prime Minister Gordon Brown and Taoiseach Brian Cowen.
The former Heinz boss noted that it was a year since INM opened a new state-of-the art print facility in Newry's Carnbane Industrial Estate.
He said this represented an investment in excess of £20 million, with a 60,000 sq ft plant - and created employment for over 40 staff and now revealed that, in 2009, a new, £7 million expansion will cater for the production of high quality glossy magazines of up to 120 pages in size in one pass.
However, turning to address the PM, Gordon Brown, Sir Anthony also signalled a clear need for the transfer of some fiscal autonomy to Northern Ireland as a means of attracting more inward investment.
"The business tax battle must therefore be won and I hope that a flow of new investors will help us to win it.
"A level playing field on corporation tax would give Northern Ireland a real chance to replicate the Republic's economic success where per capita income is one-third higher than Northern Ireland."
The Prime Minister, however, made clear that the level of corporation tax was not being reduced - but instead insisted that other tax measures associated with corporation tax in NI actually meant that the de facto percentage was actually far lower than the headline rate.
The PM also said that he was going to allow local ministers to hold on to an extra £1 billion of funds, raised through the sale of public land, buildings and other assets, over the next three years.
However, NI Employment Minister and UUP leader Sir Reg Empey was less than impressed and said: "It looks like a £1 billion gift from the Prime Minister and the Treasury.
"We can hold on to the money from the sale of Government land. But I am not impressed.
"Gordon Brown is attempting to force our hand here and we need to be very, very careful.
"Six or seven years ago he tried to get us to sell the Belfast Harbour and the Assembly resisted, thank God.
"This is the sort of thing he is now trying to push for again."
(BMcC)
The Belfast Telegraph owners, Independent News & Media (INM) also got into 'investment mode' at the Stormont conference this week - and took the opportunity to press the Prime Minister on rates of business taxation.
Sir Anthony O'Reilly, INM's Chief Executive, revealed that the company is to benefit from an additional £7 million investment for further expansion and the purchase of two high speed print towers at its Co Down facility.
The news came during his speech given in Parliament Buildings, Stormont at the US/Northern Ireland Investment Conference hosted by First Ministers Ian Paisley and Martin McGuinness and attended by, among others, New York Mayor Bloomberg, Prime Minister Gordon Brown and Taoiseach Brian Cowen.
The former Heinz boss noted that it was a year since INM opened a new state-of-the art print facility in Newry's Carnbane Industrial Estate.
He said this represented an investment in excess of £20 million, with a 60,000 sq ft plant - and created employment for over 40 staff and now revealed that, in 2009, a new, £7 million expansion will cater for the production of high quality glossy magazines of up to 120 pages in size in one pass.
However, turning to address the PM, Gordon Brown, Sir Anthony also signalled a clear need for the transfer of some fiscal autonomy to Northern Ireland as a means of attracting more inward investment.
"The business tax battle must therefore be won and I hope that a flow of new investors will help us to win it.
"A level playing field on corporation tax would give Northern Ireland a real chance to replicate the Republic's economic success where per capita income is one-third higher than Northern Ireland."
The Prime Minister, however, made clear that the level of corporation tax was not being reduced - but instead insisted that other tax measures associated with corporation tax in NI actually meant that the de facto percentage was actually far lower than the headline rate.
The PM also said that he was going to allow local ministers to hold on to an extra £1 billion of funds, raised through the sale of public land, buildings and other assets, over the next three years.
However, NI Employment Minister and UUP leader Sir Reg Empey was less than impressed and said: "It looks like a £1 billion gift from the Prime Minister and the Treasury.
"We can hold on to the money from the sale of Government land. But I am not impressed.
"Gordon Brown is attempting to force our hand here and we need to be very, very careful.
"Six or seven years ago he tried to get us to sell the Belfast Harbour and the Assembly resisted, thank God.
"This is the sort of thing he is now trying to push for again."
(BMcC)
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