Sunday 23 July 2017

Thomas Molloy: Low taxes and grateful staff ... sure, what's not to like?

MANY people have been wringing their hands as house prices and taxes approach 1990s levels once again. The good news is that certain aspects of the economy are also beginning to resemble the 1990s -- a period that was characterised by high exports and rapid job creation.

News that PayPal will create 1,000 jobs in the country over the next few years is no isolated event. Sky Television said earlier this year that it will create 800 jobs while a handful of other companies have announced another 700 jobs in places such as Kilkenny. The IDA has dropped heavy hints that more are on the way.

Each of these announcements will have knock-on effects and help towns and cities to survive the massive job losses expected to come in the public sector and banks over the next 12 months. US companies like Google and Facebook were behind 38pc of offices bought or leased in Dublin last year and the trend is likely to accelerate. Google is already looking for additional space in the capital, as are Facebook, Salesforce.com, Yelp, Bank of New York Mellon and Citigroup.

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