Belfast Telegraph

UK Website Of The Year

Major firms 'eyeing up Irish options amid Brexit uncertainty'

Published 26/01/2016

Governor of the Central Bank Professor Philip Lane also said sterling had slipped partly as a result of Brexit uncertainty
Governor of the Central Bank Professor Philip Lane also said sterling had slipped partly as a result of Brexit uncertainty

Major multinationals are stalling on plans to invest in the UK while eyeing up Ireland in the event of a Brexit, Dublin's Central Bank chief has said.

Professor Philip Lane also blamed the sliding value of sterling on mounting fears over the in/out referendum on whether Britain should remain part of the EU.

Before a parliamentary watchdog in Dublin, the governor of Ireland's Central Bank said he was sure international companies were holding off on decisions about locating in the UK until after the vote.

"I have no doubt, it has to be the case that any sensible major firm considering where to make a location decision, and if the competition is between UK and Ireland, I'm sure any rational firm is going to stall for a few months," he said.

"So, I think the number one issue is delay, it is going to delay decisions about projects."

Speaking to parliamentarians on the Oireachtas Finance Committee, he added: "I think we are seeing sterling weaken in recent weeks, which is partly (due to) speculation ahead of a Brexit risk.

"Then, what happens after that, whether firms decide to come here (to Ireland) instead of the UK, and so on, I think there is a lot of different scenarios.

"It's hard to make strong predictions about that effect."

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph