UK financial firms eying relocation to Ireland

A high number of UK banks and financial institutions are planning to move to Ireland when Britain leaves the European Union (EU), an Irish investment agency says.

British companies comprise most of the over 100 companies that have inquired about relocating to Ireland, Martin Shanahan, the chief executive of the Industrial Development Agency (IDA), said Sunday.

Shanahan, whose company is tasked with bringing foreign investments to the republic, added that most of the firms were located in London.

“We have seen a huge increase in the amount of inquiries and activities across the globe. It’s not just our office in London, or our office in Dublin; we are receiving inquiries in Asia, in the US, in New York in particular. The figure that we have used to date is over 100 related inquiries,” he said.

Noting that Ireland was looking forward to make capital out of Brexit, Shanahan said the country had no plans to change its low 12.5 percent corporation tax,…

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