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This week, during Assembly questions, Northern Ireland's First Minister Peter Robinson claimed that "two significant world brand name companies" will be looking to invest in the region leading to the creation of a substantial number of jobs. As the Corporation Tax Bill awaits Royal Assent there appears to be genuine interest in a lower tax rate in Northern Ireland, with US business delegations intending to visit before the summer. While the political parties have yet to agree on a rate of tax, the Bill creates the potential for the Assembly to set a tax rate of 12.5%, matching the rate set in the Republic of Ireland.

According to Andrew Webb, the economist with Belfast-based FDI consultants OCO, if corporation tax can be reduced it will “remove the last great differentiator between Northern Ireland and its main competitor south of the border”. Reduced corporation tax offers up the possibility to create 40,000 quality jobs, to rebalance not just the public sector, but to rebalance the private sector too.

The Northern Ireland Assembly's Enterprise, Trade and Investment Committee is currently exploring how to create the best environment for economic growth in a low tax rate environment. Giving evidence to the Committee this week, Invest Northern Ireland, the body responsible for attracting inward investment, noted that that the lack of prime office space is a significant barrier to attracting Foreign Direct Investment (FDI) and that interventions will be needed to help stimulate the development of Grade A office accommodation.

Of course any prospect of achieving a lower tax rate is reliant on the Stormont House Agreement being implemented. As the Secretary of State Theresa Villiers reiterated, without a deal on welfare reform, the Northern Ireland Executive will not be granted tax raising powers. Talks to address impasse on welfare reform are continuing but it is clear that budgetary, fiscal and political stability is necessary to improve outcomes for attracting FDI. US envoy to Northern Ireland, former Senator Gary Hart has stated that success [in attracting investment] will be almost totally dependent on the resolution of economic matters.

The ramifications of the 2015-16 Northern Ireland budget is being felt by groups reliant on public sector funding. The Department of the Environment and the Department of Employment and Learning were two of the most significant losers in terms of budget allocations. Environment and Heritage groups warned of significant job losses and cuts to environmental improvement programmes due to a reduction in the Natural Heritage and Environment Grants Programme.

While Colleges NI, the body representing Further Education colleges has warned that over 550 jobs could be lost in the sector due to budget constraints. The Arts Council of Northern Ireland this week also released the first details of how it will implement the 11.2% cut to funding passed on to it as part of the Northern Ireland Executive’s 2015/16 budget.

The Northern Ireland Affairs Committee published its report into On-The-Runs (OTR) inquiry. The Inquiry found that letters of comfort, issued to over 180 republicans suspected but not charged with involvement in terrorist crimes, damaged the integrity of the justice system. Sinn Fein has accused the Committee of setting up the inquiry as a political attack on Sinn Fein.

Finally, the Northern Ireland Assembly is set to receive another new MLA. After serving just five months as an MLA, DUP Assembly member for the constituency of Foyle Maurice Devenney has announced that he will be stepping down from the role to “concentrate on a number of local issues.” The DUP has advised that it will appoint a successor in due course.