We need sufficient fiscal autonomy to manage economic storm - McLaughlin
Sinn Féin Economic Spokesperson Mitchel McLaughlin MLA (South Antrim) has said that while he welcomes some of the budgetary announcements by Alistair Darling today that unless we acquire sufficient fiscal autonomy he doesn't believe that we will see much benefit here.
Mitchel McLaughlin said:
"I welcome the reduction in VAT and some of the other measures aimed at the working poor and those on benefit but these measures are mainly aimed at the economy of the South Eastern Regions of England. While the reduction in VAT on most items may help some small business in the short term, the increased fuel duty could negate any savings here in the North by forcing prices up through increased transport costs.
"I believe that our future is in developing the all-Ireland economy and in order to do so efficiently means acquiring a degree of fiscal autonomy sufficient to enable us to better develop and manage economic policies to suit the specific conditions that effect us here." ENDS