Stormont House Agreement

Debate between Lord Christopher and Baroness Randerson

Wednesday 7th January 2015 Lords Chamber

[Baroness Randerson]

The noble Lord referred to the reduction in the block grant. That process is taking place with the devolution of other taxes. It is, of course, a decision that the Northern Ireland Executive would take in the light of their decision to pursue corporation tax devolution because the purpose behind pursuing it is to create a more prosperous society and to encourage the establishment of further businesses and further inward investment.

The noble Lord refers to the parties at the talks. I am sure that he is fully aware of the background details of how the talks developed over two years. It is therefore the case that the leaders who were there believed that at that time there was purpose in talking together.

[Lord Christopher]

My Lords, my question is extremely short. If I were a chief executive of a successful plc registered in London and corporation tax dropped to 12.5% in Belfast, as it is reasonable to assume, what reason would I give my shareholders for not moving my office to Belfast?

[Baroness Randerson]

The noble Lord raises a legitimate issue which the UK Government have considered and which I know the Northern Ireland Executive is bearing in mind, but it is something for the corporation tax Bill when it comes before this House.