Irish bid for Brexit business hobbled by housing & transport woes
Ireland has gone on a charm offensive following Britain’s vote to leave the EU, hoping to woo London-based financial institutions despite fears Dublin is ill-equipped for an influx of high-flying executives.
Martin Shanahan, head of inward investment agency IDA Ireland, said he expected British companies in all industries that depend on access to the EU market to relocate some services to countries within the bloc.
As the race to secure such business heats up, Ireland is honing its pitch.
“Make no mistake, any investment that becomes mobile as a result of a UK exit from the EU, we are in the market for that business,” Shanahan stated.
Dublin is just one of the cities hoping to poach some of London’s investment bankers, with Luxembourg, Frankfurt, Paris, and Amsterdam also aiming to reap some of Brexit’s spoils.
As the only other EU member where English is the first language, Ireland believes it is best placed to host City of London exiles.
Among its other attractions, the IDA cites the fact that Dublin is just an hour’s flight from London, Ireland’s legal system is similar to that of Britain, the country has a well-educated workforce and it boasts a low 12.5-percent corporation tax rate.