Sunday 18 August 2019

Gain of 4,500 Brexit relocation jobs, IDA says

Moving in: Bank of America is among the companies which have announced a new or expanded presence here
Moving in: Bank of America is among the companies which have announced a new or expanded presence here
Gavin McLoughlin

Gavin McLoughlin

Around 4,500 jobs have been promised to Ireland on foot of Brexit relocations, according to internal IDA figures.

The commitments have come from 55 different companies, according to the stats.

An IDA spokesman said it was likely that a substantial amount of the jobs were already here, given the need for companies to move quickly in advance of Britain's proposed departure on March 29.

More jobs are expected to materialise over the coming months.

The IDA is the body charged with attracting foreign direct investment to Ireland, and the figures represent the relocations which have come into its system.

Financial services firms have been particularly active in relocating jobs to Ireland, as they seek to retain important 'passporting' rights which allow them to provide services across the European Union. Central Bank figures show that in 2018, there was a 50pc increase in 'fitness and probity' applications - which have to be made before people get senior financial jobs.

Bank of America, Morgan Stanley, Barclays, Axa, Thomson Reuters and Legal & General are among the companies which have announced a new or expanded presence here.

However, as Dublin benefits, there are fears about Brexit's impact on the City of London - one of the world's pre-eminent financial centres.

But a Reuters survey last month found 2,000 jobs had been moved or created overseas on foot of Brexit - lower than expectations in previous iterations of the survey.

Irish Independent

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