Economic Affairs.
The Northern Ireland economy can only grow and develop if it generates more employment and focuses on securing better paid jobs. A healthy supply of jobs enhances society by alleviating poverty and making sure that as many people as possible have the dignity of work. Generating jobs will also stem the flow of our young people emigrating in pursuit of a better economic future.
The SDLP has always upheld a social democratic vision for the economy of Northern Ireland, where both employers and employees work together to create an economy that is prosperous and fair. We believe that the role of the state in creating this economy is essential by management of the economy. investing in infrastructure, creating a skilled workforce and developing public facilities. We also believe that the true economic engine of the North shall be the enterprise, industry and imagination of the people of Northern Ireland.
Our Economic Policies.
SDLP Youth is campaigning for:
the establishment of an employer’s tax credit and an entrepreneurs’ tax credit to support the construction of new SMEs and make it easier for employees to take on new staff.
the decentralisation of administrative services and the movement of these offices to urban areas of high unemployment, provided that this is carried out on a basis of planned economic development.
provision for spatial planning and entrepreneurial zones to boost economic development in neglected areas.
the refocus of Invest NI support away from low-wage-low-skill work, and towards skill based and skill developing work.
the modification of licensing laws to end the prohibition against the selling of alcohol on religious holidays, the reduction of regulation against Sunday trading and the relaxation of licensing laws in starting up new businesses with regards to the number of licences available, how they are awarded and opening hours.
property values used for calculating rates to be re-evaluated every three years.
the Government to offer a marked percentage deduction in rates for new businesses, being brought up to normal levels gradually over the first few years of their existence. (e.g. 75% reduction in the first year, 50% reduction in the second year and 25% reduction in the third year).
a fixed single amount to be deducted from a business’s rates bill for every employee the company employs, capped at a certain percentage of the rates bill. (e.g. £X deducted from the rates bill, capped at Y%).
no changes to corporation tax to be made which would result in reduced spending in any Stormont department funded by the block grant.
new provisions for credit unions and support for ethical banking.
tighter restrictions to be implemented against pay day loan companies, making it illegal to offer a loan that stipulates an APR above 100%, and a ban on advertising pay day loans.
Our Tax Justice Policies.
SDLP Youth is campaigning for:
the introduction of the G7 Tax proposal as a cautious first step toward economic justice noting 15% is still a very low rate of Corporation Tax.
the UK & Ireland to improve financial transparency and reduce secrecy over ownership, accepting the Global Tax Justice network proposals on ownership registration and automatic international information sharing.
the party to take a stronger issue on Tax Justice across legislative chambers, North-South Bodies and discussions on a New Ireland to base our economy more on community wealth and prosperity than catering to large multinationals and private equity captial
an end to attempts to create exemptions to international efforts to defend tax havens and centres of financial services.
more funding to Tax and Revenue services to clamp down on evasion and avoidance.