Press Release
28 January 2008

“Further damaging blow to North’s business community”

Commenting on the impact of the UK Government’s recently announced Capital Gains Tax reforms on business in Northern Ireland, John Whelan CEO of the Irish Exporters Association said:

“The British Chancellor’s announcement of Thursday last, (24^th January) that he will introduce from April 6^th higher Capital Gains Tax, will have a detrimental effect on new business start up and expansion in Northern Ireland.”

“This action will undermine the recently announced measures by the North’s Finance Minister, Peter Robinson, to create more than 6,000 new highly paid jobs in the North by 2011.”

“Since Peter Robinson’s release of the ambitious plans to kick start the Northern economy with new jobs, there has been a number of high profile jobs axed (such as the 900 job losses at US giant Seagate). The British Chancellor’s new capital gains regime is likely to have a damaging effect on job creation and investment at exactly the wrong time in the North’s economic cycle.”

John Whelan concluded by saying:

“After the very disappointing Varney commission report on the 18^th December 2007 dismissing the case for a 12 ½ % corporation tax rate for Northern Ireland, this recent anti-business tax measure by the UK Government is not an acceptable way to support the northern business community.”

End

Update:  The Northern Ireland Exporters Association (NIEA) attended a meeting on 8 February 2008 in the Europa Hotel, Belfast.  Robert Hamilton, Director, Northern Ireland Exporters Association has made an update report for members.  Click here to view.

For further information, please contact:

John F. Whelan, Chief Executive, Irish Exporters Association

Mobile: 087 927 1243 Email: jfwhelan@irishexporters.ie

Or

Robert Hamilton, Director, Northern Ireland Exporters Association

00 44 777 4155290