Statement by TUV vice-chairman Richard Cairns:
“While it seems to have passed most of the media by the comments of Treasury Minister David Gauke his comments yesterday during a debate on legislation to devolve corporation tax powers to Northern Ireland are something we all should take note of.
“Mr Gauke stated that reducing the level of corporation tax in Northern Ireland to the 12.5% rate in the Republic would mean a massive £300 million slashed off Northern Ireland’s block grant.
“That means £300 million less for our schools, roads and hospitals.
“It’s time that the Northern Ireland Executive faced up to the very real dangers which would follow any move to cut taxation ties with the rest of the United Kingdom.
“Corporation tax devolution to a Stormont which has run up the biggest debt in the devolved regions of the UK and was only able to cobble together a budget following a frantic round of 11th hour negotiations cannot be trusted with these powers.
“For our part, TUV is an unashamedly Unionist party which wants to maintain a unified taxation and benefits system across the United Kingdom.
“Northern Ireland would benefit much more by severing the contrived links which we have with the Irish Republic and building our place within one of the world’s largest economies.”