Results show businesses are being taxed to death

Chair of the Economy Committee at Stormont, Phillip Brett MLA has said the results of the Northern Ireland Chamber’s Quarterly Economic Survey shows businesses are being taxed to death.

By Phillip Brett MLA

Belfast North

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Commenting on the results, Mr Brett said.

“Labour’s disastrous Budget promised to protect family incomes and boost economic growth, but it is delivering the very opposite.

Our assessment has been borne out in today’s Economic survey, with 81% of respondents stating that the Budget will negatively impact the Northern Ireland Economy and 79% of respondents believing the Budget will negatively impact their business.

These results are stark and show the importance of proposals we brought through the Assembly this week calling on the Finance Minister to address the proposed changes to National Insurance.

I remain concerned at the lack of action by the Minister for the Economy to use his Departmental budget to support the business community.

Whilst DUP Ministers have already acted to mitigate against the impact of Labour’s Budget by supporting pensioners with their heating bills and through the extension of the Childcare Subsidy Scheme, other Executive Ministers have failed to step up to the mark.

These results show that businesses are being taxed to death. They will be less profitable, less competitive and less likely to invest in expansion. Our campaign to oppose and mitigate against these actions of the Labour Party will continue in earnest.”

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