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It comes as no great surprise that Sir David Varney's report on the Northern Ireland economy rejects proposals to lower the rate of corporation tax to 12.5 per cent, bringing it in line with that of the Republic.

But nor should he and the British government be surprised that the North's Finance Minister Peter Robinson said in response: "We will continue to argue the case for a reduction in corporation tax. The issue will not go away". A convincing political consensus in favour of the measure has built up since the powersharing executive was formed. Debate on its merits should continue, taking due account of the case against it.