SDLP Mid Ulster MLA Patsy McGlone has called on the Executive to accelerate work on identifying further fiscal powers which could be devolved to generate revenue locally.
Commenting on a motion on reductions to the Block Grant, Mr McGlone said: “There has been a lot of discussion around the devolution of Corporation Tax powers for Northern Ireland and the potential of a lower rate.
“It is certainly an exciting prospect and one that could help to regenerate our economy if handled properly but there remain a number of unanswered questions.
“Treasury Minister, David Gauke, has indicated that the reduction to the block grant will amount to a staggering £300m; yet last week Peter Robinson suggested that the cut would be phased in over three years.
“Corporation Tax won’t be a silver bullet that will solve all of Northern Ireland’s economic woes,” he added.
“It is vital that the Executive prioritises the identification of further fiscal powers to complement Corporation Tax.