Thursday, 28 October 2010


A couple of things caught my attention, one of which was the fact that the Westminster Northern Ireland Affairs Committee is investigating whether the rate of Corporation Tax should be cut. The UK Government chancellor is planning to reduce the tax in the UK from 28% to 24% over the next four years however corporation tax in the Republic of Ireland is only 12.5%. At the moment MPs are considering whether Northern Ireland should have a similar or lower rate of Corporation Tax, something that will help attract investment and provide opportunities for business why can we not do the same thing here in Wales.

In Scotland, plans for a huge tidal energy project which is set to be developed in the Pentland Firth after the rights to the site were awarded to a consortium by the Crown Estate. The Inner Sound, which lies between the Caithness coast and island of Stroma, as one of the Firth's "most energetic" tidal areas. The proposed scheme could involve up to 400 submerged turbines, generating enough energy to power 400,000 homes with a 25-year operational lease for the site was awarded to MeyGen.

This is a joint venture between tidal technology provider Atlantis Resources Corporation, International Power and investment bank Morgan Stanley. The news of the award of the lease comes after two years of feasibility work in the waters of the Pentland Firth. Obviously this is subject to planning consent, the consortium plans to install hundreds of turbines in the Inner Sound area and construction is expected to take place on a phased basis until 2020. The real good news is that project will be one of the biggest in the world, with the potential to generate up to 400MW of sustainable renewable power. So why not here in Wales...

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