Brexit – Opportunities for Dublin
An article in today’s Irish Independent includes research carried out by FAC to explore the possible implications of Brexit.
The UK’s departure from the European Union may mean that international financial institutions will move to Dublin in the coming months and years.
The analysis was based on 1-in-10 financial jobs in London – 35,800 posts – moving to Dublin. FAC planning consultant Stephen Walsh said that while the 10% employment target seemed ambitious it reflected the opportunity that exists.
“Ireland has a strong international reputation for financial services, and is viewed competitively at a European level. Effective planning now would see us benefit, otherwise we may see Ireland lose out to other European regions.”
FAC Director Stephen Purcell said that realising the potential growth would involve resolving a number of issues, including the delivery of infrastructure, particularly housing.
It is estimated that 14,000 new homes and 716,000 square metres of office space would be required at a cost of more than €3bn to provide adequate workspaces and accommodation. As Ireland is already in the middle of a housing crisis this presents a major challenge to the construction sector and the economy.
Read the full article here