Economy

Building boom on the way as Brexit forces firms to Ireland

Central Bank confirms increased interest in Ireland as location for financial services

An IFS 2020 action plan for 2017 aims to attract thousands of new jobs in the wake of the UK’s departure from the EU. Almost 4.5 million square feet of commercial space is under construction or refurbishment.

Mon Jan 23 2017 - 09:51

Ireland is set for an office-building boom to host financial services firms relocating due to Brexit.

Almost 4.5 million square feet of commercial space is under construction or refurbishment and a further five million square feet of accommodation with full planning permission is available in the Greater Dublin area, a report from the Department of Finance said.

The Central Bank has confirmed an increased interest in firms assessing Ireland as a location for financial services authorisation and investment.

The Finance Department said: "While firms are making, and will continue to make, relocation and investment decisions in the short term, the implementation of those decisions will take place over a longer time frame.

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“In that regard, Ireland is well-positioned to address any additional domestic and commercial property demand that may arise.”

UK chancellor Philip Hammond has said protecting financial services is a priority for Brexit negotiations amid warnings of job losses in the City.

Barclays has said the bank is looking at routing some of its activities through Ireland and Germany, but that the "bulk" would remain in the UK.

Ireland has attracted foreign direct investment using a low corporate tax rate which companies like Apple have taken advantage of.

Eoghan Murphy, the Minister of State at the Department of Finance, has already predicted a wave of UK-based financial services companies will announce full or partial relocations to the Irish capital over the coming months.

An IFS 2020 action plan for 2017 published on Monday aims to attract thousands of new jobs.

It said: “Since the UK EU referendum result, there has been an enhanced focus on international financial services across Government departments and agencies.

“There will be some opportunities with Brexit - the Government is keen to maximise those where possible.”

PA

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