Hike in corporation tax will not deter US investors in NI, says Joe Kennedy III
Rishi Sunak’s move to increase UK corporation tax to 25% will not deter US investors from flocking to Northern Ireland, Washington’s new economic envoy to the region has said.
Joe Kennedy III, scion of the famous US political dynasty, was speaking a week into his first trip to the region as part of Joe Biden’s promise to turboboost the local economy with up to $6bn (£4.8bn) of investment if power sharing is restored.
Kennedy also insisted he was sticking to the role, which was given to him by the US president in December, even though his uncle Robert F Kennedy Jr is challenging Biden for the White House.
“I love my uncle, and nothing’s ever going to come between that. I am honoured that the president selected me for this position. I support the president and look forward to supporting him in the next few years,” he said.
Kennedy was asked by reporters in his first major press interview in the post why US companies would choose Northern Ireland when UK corporation tax has just been hiked from 19% to 25% – double the 12.5% headline rate south of the border in the Republic of Ireland.
“Taxes are certainly an important calculation for a business community, of course, so is talent, so is employees, so is quality of life, so are the other services that can be provided,” Kennedy said. “And my point is, Northern Ireland has an awful lot to offer.”
Two hundred and thirty US companies employing 30,000 people, including computer firm Seagate and cybersecurity firm Rapid7, are already investors in Northern Ireland, part of the $2bn peace dividend in the last decade.
“They chose to be here, they didn’t have to choose to be here. They did. They are here,” the envoy added.
Kennedy has spent the last week in Northern Ireland since arriving on
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