Commons Sense

House of Commons · Ministers' Questions

Economic Prospects

Wednesday 24 June 2020 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 0 Not answered 0

Key points

  • Brandon Lewis remains confident about the economic prospects for Northern Ireland in the next 12 months.
  • The government supports devolving corporation tax powers to Northern Ireland under conditions of financial sustainability.
  • The UK Government has provided 2.1 billion to the aerospace sector through the covid corporate financing facility.

Topics (select to filter)

Questions & Answers

Q1 Laurence Robertson Con Strangford
Economy Taxation Northern Ireland
Context

The Northern Ireland economy faces challenges as it recovers from the covid-19 crisis.

Question

What recent assessment has been made of the prospects for the Northern Ireland economy in the next 12 months? Does he agree that reducing corporation tax to 12.5% would boost the economy, and will the Government consider introducing this reduction once free from EU constraints?

Answer from Brandon Lewis (Minister for the Cabinet Office, Minister for the Union and Paymaster-General)

While acknowledging challenges, Brandon Lewis remains confident in a promising economic future. The government supports the devolution of corporation tax powers to Northern Ireland as per agreements made subject to financial sustainability conditions.

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Q2 Louise Haigh Lab Sheffield Heeley
Economy Northern Ireland Business & Trade
Context

There are significant job losses at Bombardier, Thompson Aero and Airbus neo project cancellation is threatening more jobs.

Question

With 600 job losses at Bombardier, 400 at Thompson Aero, and another 200 at risk from the cancellation of the Airbus neo project, how will the Government support Northern Ireland's aerospace sector similarly to what France, Germany, and the US are doing?

Answer from Brandon Lewis (Minister for the Cabinet Office, Minister for the Union and Paymaster-General)

The Government has provided £2.1 billion through the covid corporate financing facility to the aerospace sector, additional flexibility for UK Export Finance supporting sales worth £3.5 billion over 18 months, and invested £0.5 billion into R&D for the next few years.

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