Sammy Wilson said,
“The United Kingdom needs stability. These are serious matters where families are looking at hard-hitting fuel and energy bills whilst also concerned about interest rates and their borrowing commitments.
The mini budget last month was flawed and badly communicated. Whilst it had some positive news for struggling working families, it failed to place a proper windfall tax on energy generators who were making massive profits. Such a windfall tax could have helped pay for some of the commitments being made. It was also a mistake to focus on banker’s bonus changes and cut the 45p tax rate.
Whilst it is welcome that the National Insurance rise will still be reversed, the income tax cut being removed will be difficult news for working families. We will also need to see more detail about how energy supports will be targeted after April 2023.
The widening corporation tax differential between Northern Ireland and the Republic of Ireland is also a matter of concern. I am particularly concerned at the impact this will have on investment.
If this budget is about economic growth and stability, then one of the sectors most badly affected by a downfall in discretionary expenditure is the hospitality industry. They are rightly pressing for VAT to be reduced to 5% and we support them in this effort as we see more and more small hospitality businesses close their doors.”