“no prospect at all of a differential corporation tax in Northern Ireland”

There may have been an announcement of a review of the different tax rates between Northern Ireland and the Republic of Ireland, to be conducted by Sir David Varney a former chairman of HM Revenue and Customs – it was one element of that total package announced by Gordon Brown – but as the Belfast Telegraph’s Mark Hookhan reports, according to the Secretary of State for Wales, etc, corporation tax will not be affected.

Speaking yesterday in Westminster, Mr Hain said: “The problem here is, as the Chancellor and I have explained to the parties, European Union law makes it impossible to have differential corporation tax within any part of a nation state. So, there is no prospect at all of a differential corporation tax in Northern Ireland.”