I do not wish to detain the House for very long. I merely want to put on record my thanks to the Government for the work they have done in bringing this Bill forward, and also to the Opposition for their support for the Bill. I welcome the progress in this matter, which we have debated many times in this House, and we also talked about it for a long time when I was in the Assembly. Those of us on the Select Committee on Northern Ireland Affairs spent many hours discussing the issue of corporation tax and its potential positive impact on Northern Ireland and its economy, so I welcome the progress we have made in what is a relatively short period of time from the announcement. It is good to see this measure reach its Third Reading today.
Others have already said this is not a silver bullet for the economic challenges that face Northern Ireland, but it is a very important lever for the Northern Ireland Executive to have within their control to address the imbalances in the economy, to encourage further growth of our local companies and to encourage further inward investment. Even without corporation tax being reduced, Northern Ireland outperforms many other regions in attracting inward investment. This gives us another opportunity to raise our profile internationally and encourage more companies to look at Northern Ireland as a serious investment prospect, but also to see us as a competitive region where they can locate and do real business.
I look forward to seeing this Bill reach fruition. There will be challenges ahead for the Northern Ireland Executive as they go about the more complex work of setting a rate for corporation tax, particularly in terms of affordability at a time when resources are extremely tight. It will be difficult because there will be a gap between any benefits from the change and the amount they will lose to the Treasury in the interim. The Executive will have to look at that period very carefully in terms of affordability and how that is managed.
There is also a challenge in dealing with investment in skills, which are required if we are to see the full benefits of any reduction in corporation tax. There is no point in reducing corporation tax to get new businesses to come in and invest if we do not have the skilled workers to be able to take up employment in those companies. Part of the due diligence that any company will do before investment will involve looking at our skills base. That will be one of the key issues. We therefore have to
see a renewed focus from the Executive on investing in skills, and particularly the right skills for the companies that we are encouraging to come to Northern Ireland.
We also face challenges in terms of infrastructure. As a civil engineer, it would be remiss of me not to mention that. It is not just our communications infrastructure, but also our physical infrastructure, which requires investment. Companies doing due diligence before investing in a region will look at such issues. It is hugely important that we are able to invest in infrastructure in a way that will both encourage and benefit companies locally who are already involved in growing their businesses and attract new inward investment to Northern Ireland.
Our connectivity will need to be defended. That is a role that both Westminster and the Assembly can have some regard to. It is hugely important that our air transport links, particularly those routes that allow us to cargo material from Northern Ireland for export markets, are protected. That should detain this House perhaps more than it has done to date.
If we are to benefit the economy and feel the true benefit of this change in corporation tax, we also need to create the kind of political stability in Northern Ireland that is conducive to creating economic growth.