Economic Prospects 2020-06-24
2020-06-24
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Questions & Answers
Q1
Direct Answer
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Context
The Northern Ireland economy faces challenges as it recovers from the covid-19 crisis.
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?
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
Direct Answer
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Context
There are significant job losses at Bombardier, Thompson Aero and Airbus neo project cancellation is threatening more jobs.
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?
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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Response accuracy