Taoiseach goes after UK businesses

Government has been preparing for Brexit for the last 18 months, according to Enda Kenny

Taoiseach goes after UK businesses

Taoiseach Enda Kenny speaking at the European Financial Forum event in Dublin Castle | Image: RollingNews.ie

The Taoiseach Enda Kenny has made a direct bid for UK businesses to relocate here after Brexit.

He told the European Financial Forum at Dublin Castle that Ireland is well prepared for the changes Brexit will bring.

The forum is organised by IDA Ireland as a European platform to explore forces that are shaping the financial sector.

Mr Kenny said the Government has been preparing for Brexit for the last 18 months.

"We've demonstrated a capacity to deal effectively with profound challenges - none more so than the depth of the recession that this country went into.

"We've got a clear plan and clear response to the challenges that Brexit will present...We're prepared to negotiate hard and fair when these discussions begin.

"The Government has made a public declaration of interest in Ireland becoming the location of the European Banking Authority, with a bid being led by the Department of Finance in collaboration with other State agencies".

"After the UK's exit from the EU, Ireland will be English-speaking, common law country in the European Union.

"And we will continue to offer a stable, predictable and a certain business environment - alongside continued access to the European market of over 400 million people.

"I know that many of the UK-based financial service companies are considering moving some, or all, of their operations in the light of Brexit - and Ireland in that context remains an obvious choice for those wishing to maintain a presence in the single market."

While the CEO of IDA Ireland, Martin Shanahan, said: "The European Financial Forum is an opportunity for senior industry decision-makers, policy-makers and academics to discuss how they see the European and Global Financial Services industry evolving."

"I expect the implications of a British exit from the European Union will form a large part of our discussion's today. The outcome of the UK Brexit referendum has created the need for companies to reconsider their European footprint - and IDA will be explaining why Ireland is the most attractive location in which to invest in a post-Brexit world.

"Ireland's proposition of EU market access, regulatory passport, global product distribution, cost effectiveness, deep domain knowledge, innovative technology offerings and superior customer service together with English language and a Common Law system will continue to prove compelling to financial services companies", he added.

It comes as the UK Supreme Court ruled that parliament must be consulted before the mechanism to leave the EU, Article 50, is triggered.

Additional reporting: Sean Defoe