[ISL] "Dublin exploits Brexit uncertainty to lure firms from London"
The Guardian's Lisa O'Carroll describes how Dublin is positioning itself to be one of the centres benefitting from the expected decline of London.
Ireland is mounting a vigorous charm offensive to lure thousands of financial jobs from London to Dublin, exploiting the growing uncertainty about Brexit and what it might mean for banking operations in Britain.
Irish officials say US banks and other non-EU financial firms worried about the future possibility of using London to do business in Europe are already scoping out the option of moving some operations to Dublin after Britain leaves the EU.
“Our approach is very clear, we will go after every single piece of mobile [non-finalised] investment,” says Martin Shanahan, the head of Ireland’s Industrial Development Authority, who has been touring the US and China to sell Dublin as a gateway to the EU.
“Undoubtedly there are more opportunities because of Brexit,” he adds. “You can be assured that any opportunities there are, Ireland will seek to take advantage of and we will be in the fray, as will others.”
Several European cities are jostling to court those businesses fretting that Brexit may disqualify British institutions from selling services into the EU. But while Paris is dangling new tax breaks for expatriates and Frankfurt, Amsterdam and Luxembourg are also making pitches, Ireland is presenting itself as the only English-speaking country in Europe that can offer continuity to banks in nearby London.
Ireland is mounting a vigorous charm offensive to lure thousands of financial jobs from London to Dublin, exploiting the growing uncertainty about Brexit and what it might mean for banking operations in Britain.
Irish officials say US banks and other non-EU financial firms worried about the future possibility of using London to do business in Europe are already scoping out the option of moving some operations to Dublin after Britain leaves the EU.
“Our approach is very clear, we will go after every single piece of mobile [non-finalised] investment,” says Martin Shanahan, the head of Ireland’s Industrial Development Authority, who has been touring the US and China to sell Dublin as a gateway to the EU.
“Undoubtedly there are more opportunities because of Brexit,” he adds. “You can be assured that any opportunities there are, Ireland will seek to take advantage of and we will be in the fray, as will others.”
Several European cities are jostling to court those businesses fretting that Brexit may disqualify British institutions from selling services into the EU. But while Paris is dangling new tax breaks for expatriates and Frankfurt, Amsterdam and Luxembourg are also making pitches, Ireland is presenting itself as the only English-speaking country in Europe that can offer continuity to banks in nearby London.