London Calling

by Cormac Spencer, Consultant and Director with Link Personnel Services

in a recent article I discussed the opportunities that Britain’s vote to leave the EU presented to Ireland. “Brexit” as it has been dubbed has opened up the very real prospect of new investment and more jobs for Ireland as well as all the benefits that it can bring to our country in terms of extra tax revenue. The last week or so has seemed to confirm that this prospect may in fact become a reality sooner rather than later. Along with the murmurs that companies such as Morgan Stanley have begun moves to relocate jobs to Ireland (up to 2000 jobs in that case), Connect Ireland, has reported a 300% increase in enquiries about establishing operations here. Connect Ireland are an agency who run a scheme whereby people can put them in touch with businesses looking to invest, and eventually bring jobs to Ireland, in return for a cash reward of €1500 per job created. This increase in interest has come from companies considering where to invest in Europe. Many had the shortlist down to Ireland or the UK. Brexit made the decision for them.

Of course, Connect Ireland is only dealing with expressions of interest at this point, but it signals that opportunities abound. What we must ensure now is that our state agencies, our government and our people are in a position to take advantage of them. While we don’t want to rub the faces of one of our biggest trading partners in it, we can’t be shy about promoting ourselves as the obvious location for that investment capital if in fact it looks for a new base. One of the concerns for companies relocating will be the high cost of rent and the underdeveloped public transport infrastructure available in this country. As money becomes more readily available, the government must prioritise these areas in an ambitious as well as environmentally conscious way. We have to look at the bigger picture in terms of what attracts people and jobs to a country. Ireland is certainly not the only jurisdiction seeking to turn the heads of companies nervous about the impact of Brexit. On the day following the referendum, both Paris and Frankfurt were advertising on the streets of London, looking to lure capital from the English capital. We have competition, so we can’t afford to be caught flat footed.

The flip side of a potential increase in jobs for the country is an opportunity to attract skilled people to Ireland. The brain drain of the recession has already gone into reverse as young Irish people have started to come home over the last 2-3 years, but Brexit has really given pause for thought for the thousands who remain in the UK. We should do what we can to encourage this homegrown talent back to Ireland and to attract whatever other talent is required to fill these positions and drive our economy. Our recruitment agency has already seen a rise in expressions of interest from candidates in the uk looking to move to Dublin, in part as a result of the vote. The change is happening now!

As I said recently, Brexit will certainly have its challenges, however it is the opportunities we should focus on. By boxing clever, investing properly in the infrastructure of the country and promoting Ireland effectively as a place to do business, we can take advantage here of the decisions that have been made elsewhere.

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