Northern Ireland to pay the price for tax competition

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As the FT reports this morning:

Northern Ireland’s devolved government faces its biggest overhaul in 15 years as politicians and officials brace for the arrival of long-delayed public spending cuts.

Those cuts are the price Northern Ireland has to pay to introduce the tax competition that its politicians wish for with the Republic of Ireland. I have long warned that this policy is little short of economic madness, and I think I'm about to be proved right.