Who will gain from a cut in corporation tax?

All the parties in the Assembly favour a cut in tax on profits for companies in Northern Ireland at the expense of funding for public services. The claim that this will lead to major investment and job creation is false. Most multinational companies are opting to set up in super-low wage economies such as India and China. Even in Southern Ireland (where corporation tax stands at 12.5%) jobs in the multinational sector are being shed. So who will really benefit from a cut in corporation tax?

The Belfast Telegraph recently published Northern Irelands’ Rich List which is dominated by owners of companies supporting a cut in corporation tax. Here are just a few of those who will see benefit from a cut in corporation tax.

Lord Kilclooney (who used to be plain John Taylor MP) owns the Alpha Group newspapers. He has a personal fortune of £30.4million and has recently closed 3 newspapers, laying off staff and undermining terms and conditions.

10 of the top forty richest people are property developers with a combined wealth of £955.3m.

Major hotel owners Billy Hastings and Lord Rana have a fortune of £34.7m and £52m respectively.

Ferrari driving Michael Herbert (£95.5m) owns the franchises for 70 KFC’s.

Barney Eastwood is ‘worth’ £98m after selling his shares in the bookies Ladbrokes.

Harvey McGrath (£143m) owns a big chunk of Prudential. (Now you know why your car insurance is so dear).

At Number 2 in the list is Sam Morrison (£300 m) who owns various shopping centres and numerous high street shops.

And last but not least coming in at the top spot is Eddie Haughey (left), or as he prefers to be called Lord Ballyedmond, who owns Norbrook Laboratories and sits on £370m as well as owning an island on Lake Victoria in Africa, Corbey Castle in Cumbria, homes in Londin and Dublin on his estate in Rostrevor Co. Down as well as a car collection of Ferraris, Rolls Royce, Jaguars and Bentleys and a Sikorsky helicopter!


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