The Coalition announced in today’s Budget that it will publish a consultation paper this Autumn on re balancing the Northern Ireland economy. [Paragraph 2.108 on page 53 of Budget Report]
The consultation will include options to promote enterprise in Northern Ireland and examine mechanisms for changing the corporation tax rate.
“This is very good news”, says Ciaran Hughes of RHM Commercial, “and could provide a welcome boost to the Belfast office market at a time when there are a number of large office buildings lying vacant”.
“Belfast has a highly skilled workforce and office rents in Belfast offer better value than any other major city in the UK or Ireland” explains Ciaran.
“The equalisation of Corporation Tax in Northern Ireland with the Republic would undoubtedly increase demand for office space and kick-start a number of mothballed office schemes – we will certainly be making strong representations to government in support of the proposal and any other measures that encourage inward investment”.