McNarry says this is a budget for leaving EU

 

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McNarry says this is a budget for leaving the EU

David McNarry MLA, UKIP’s Northern Ireland Leader, speaking about today’s budget, has said :

“In his budget the Chancellor speaks of a cocktail of risks facing the British economy. What I would say is that the cocktail of risks the Chancellor speaks of are risks posed by us remaining in the EU where the unstable eurozone is poised on the edge of a financial cliff. We cannot afford to remain linked to a failing, shrinking and unstable EU economy.”

“One thing I welcome is the imposition of a £530 million tax on the makers of sugary drinks which will be spent on boosting school sports. I have been a strong advocate of a Sugar tax and I believe this is a real win-win situation for young people in the UK. We must work to make future generations healthy and strong. I want the Northern Ireland Executive to spend any money raised directly on improving the health of young people and on hospital facilities which relate to young people.”

“I just wish, however, that something had been done about youth unemployment which stands at 22% in Northern Ireland, some 53% above the 14.5% level in England.  Young people are still paying the price for immigration, in no jobs and underpaid jobs. It’s all very well to talk about topped up lifetime ISA savings but many young people cannot get a job or are so low paid that they cannot afford to save for a pension.”

“The NI Executive needs to take note of the cut in Corporation Tax to 17% in 2020 which reduces the differential between Northern Ireland on 12.5% and the rest of the UK to just 4.5%.   Perhaps, more importantly, they should take note that the Irish Republic are planning to levy a Corporation Tax rate of 6.25% on businesses based on intellectual property developed in Ireland.”

“I also want the NI Executive to investigate the status of the £700 million set aside for flood defences and paid for with a 0.5% increase on the tax on insurance premiums. Will any of that money be available in Northern Ireland, given that tax will be levied on insurance premiums nationwide? Northern Ireland needs some substantial spending on flood defences and I want to see bigger investment in that area.”

“So it’s a yes to a sugar tax but the biggest step we can take to boost our economy will be taken by the people, not the Chancellor, when they vote to leave the EU.”

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