If there is anything holdling the Republic from the brink, it’s huge residual presence of multinational companies who have sited assets there, as a result of a fairly successful long term foreign direct investment strategy. In today’s Irish News, Tom Kelly asks that the new administration impliment that policy seriously in order to ‘turbo charge’ Northern Ireland’s international offering.
With banks continuing to choke capital investment in small scale business as part of their de leveraging efforts, FDI does indeed look like one of the few ways to fulfull Stormont’s promise of 25,000 new jobs. But that raises the question: what has happened to the lowering of Corporation Tax?
Slugger understands that the Treasury, who have never that keen at handing off any form of fiscal control to sub national levels, may be the ones who are holding it up. Given the very belated realisation in London that Scotland is more enamoured of Alex Salmond’s pitch for an independent Scotland than previously supposed may be causing the Conservatives more than good cause for thought we may be waiting some time for that particular stimulus.
Which leaves us without much of a clear response to a widespread job leakage, or much of a ‘game changer’ for would be US investors.
Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty