NI leaders vow to get ‘best deal’ post Brexit

Political leaders are determined to be "front and centre in the upcoming negotiations fighting for the best deal for Northern Ireland" regardless of their individual or party views on Brexit, the North's Economy Minister pledged on Wednesday in Belfast.

Simon Hamilton said he recognised that the local business community had concerns about instability and uncertainty following the referendum but he said the result was a "reality which we need to deal with".

"That means protecting and advancing the interests of our local economy," he warned during his first key direct address to business people since he was appointed minister at a Northern Ireland Chamber of Commerce event held at the headquarters of American investor, Allstate, in Belfast.

He said there were issues particular to Northern Ireland – should as the “land border that we share with the Irish Republic” which he believes must be keenly represented during any negotiations.

The minister believes this is also a “two-way process” because he does not believe that “our friends in the Irish Republic” would want to see the introduction of any new restrictions that would impinge on the current arrangement of free movement of goods, services or labour between the North and South.

Message

Mr Hamilton, a former Finance Minister said: “My message is a simple one. Northern Ireland is very much open for business. Things remain as they were for now and our work to attract and encourage investment continues abated.

“I am confident that Northern Ireland continues to present an attractive proposition for inward investors. Our proximity to North America, our lower costs and our skilled workforce remain the main reasons we attract FDI,” he said.

The minister said he also believes that the North’s plans to introduce a new rate of corporation tax at 12.5 per cent in 2018 will also help to create jobs.

But many local business leaders have expressed concerns that the UK chancellor of the exchequer , George Osborne’s announcement this week that he plans to reduce the UK general rate corporation tax to less than 15 per cent could lessen the attraction of a lower rate of corporation tax in the North when it comes to attracting new investment.

Mr Hamilton is keen to reassure businesses in the North that he understands they have concerns about how the Brexit decision will play out locally and what the impact will be directly on their livelihoods.

“I absolutely acknowledge the scale of the challenge we face in uncoupling ourselves from the EU. A lot is still to be decided. But it will be decided. Most likely it seems over a long period of time. There will be no crash landing. It will be a managed process,” he said.