4 days ago
Northern Ireland ‘crucial' as British chancellor looks to ‘all parts' of UK for growth
Northern Ireland
is 'absolutely crucial' for the United Kingdom and will contribute to the chances of growth in the country as a whole, the British chancellor has said during a visit to Belfast.
Rachel Reeves
, the Labour finance minister, made her first trip to the North as chancellor and was asked whether she considers Northern Ireland to be an 'economic basket case'.
As part of her trip, Ms Reeves visited the filmmaking facilities at Studio Ulster and also paid tribute to Northern Ireland's defence sector.
Studio Ulster, which sits on the shores of Belfast Lough, was officially opened in June in what have been termed the world's most advanced virtual production facilities spanning 75,000 square feet.
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Speaking at the studios, Ms Reeves said: 'Northern Ireland is absolutely crucial for the United Kingdom, including for our growth prospects.
'We've got here, at Studio Ulster, not just the best facilities in the UK, but the best facilities in the world, for a part of our economy that is globally growing at such a fast rate.
'This is the best place in the world to make those investments, to start a business, to grow a business, whether that's in video games, or TV, or film.
'That's really exciting and we benefit hugely from the thriving creative industry sector in Northern Ireland.'
She continued: 'As we step up that defence spending to 3 per cent, and then 3.5 per cent, of GDP in due course, that will mean more good jobs, paying decent wages in Northern Ireland.
'My economic belief, my strong belief, is that all parts of the country should be able to contribute to economic growth and prosperity, and all parts of the country should benefit from economic growth and opportunities.
'That has not been the case for far too long in the UK.'
Ms Reeves was due to meet deputy First Minister Emma Little-Pengelly and Finance Minister John O'Dowd later on Tuesday.
The chancellor also said that farmers with agricultural property worth more than £3 million (€3.47m) 'should make a contribution' in tax, following protests earlier this year against a change in policy.
Asked whether she had 'sympathy for farmers who are now facing an inheritance tax bill', Ms Reeves told reporters her government had not increased taxes on 'ordinary working people', but went on:
'If you've got agricultural property worth less than £3 million and you own it jointly with a partner, you'll pay no inheritance tax when you pass that farm on.
'But I do believe that if you do have agricultural property worth more than £3 million, you should make a contribution... the inheritance tax on that is half the rate that anybody else pays, just 20%, and it's payable over 10 years interest-free.'–PA
