Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I am sorry I was not here for more of this important debate, but I was participating in the National Economic Dialogue in Dublin Castle. I have heard and read some very considered and worthwhile contributions throughout the course of the day. This issue was very much a part of the discussions at the National Economic Dialogue, where the theme was growth towards a just society. We cannot grow towards a just society unless we are all growing together and unless everyone is sharing in that growth. We cannot have a just society if it is not also perceived to be just.

An important lesson we must take from the Brexit vote, and the state of UK politics more generally, is that in everything we do and in every decision we make we must seek to address those imbalances in our economy and our society which have persisted for far too long. They were there in the boom times and not addressed then, and they are with us still. They have been joined by new problems and inequalities.

The distance between politics and people is growing, and not just with regard to politicians, but also those in positions of authority. This manifests itself today in some very worrying trends for political debate, in how political debate has become more divisive and in how the authority which facts hold is too readily dismissed. We saw in the UK debate, a leading exit campaigner stated "people in this country have had enough of experts", and this was accepted as a legitimate position to take when confronted with uncomfortable truths. Without some shared truths in the centre, our political and social contract will not hold.

Here, we have a duty to protect our discourse, to agree on and protect facts and sources of authority before we then disagree on policy, but even this is not simple. It is almost impossible if people do not feel they have a legitimate, meaningful and respected stake in the future of this country, and not just the future of Ireland but the future of the European Union. The Union has some questions to ask itself in this regard.

The decision made last Thursday by a majority of the UK electorate will leave a lasting legacy, and its impact on the future of these islands will emerge over the coming months and years. Our task now is to help shape that legacy in a way which protects Irish interests. In this regard I will very briefly outline some of the work in the financial services sector for which I have responsibility. The IDA's mandate is to maximise investment for Ireland and nothing has changed in this regard. Last week, the IDA's chief executive, Martin Shanahan, stated his agency will liaise directly with its more than 1,200 client companies and potential investors over the coming weeks to work with them on the implications of the vote. I have met some of these companies and industry representatives in recent weeks.

New opportunities may arise for Ireland in certain sectors, many of which already form part of Ireland's international financial services marketing strategy. We will continue to implement our clear strategy for driving growth in the financial services sector and we will maximise any opportunities that might arise. The Government's international financial services strategy, IFS 2020, is a framework in which public and private stakeholders will work to ensure the further growth and development of the sector in Ireland. The sector now employs about 38,000 people across more than 400 companies, with 10,000 of these employed outside Dublin. At our recent quarterly meeting on the 2020 strategy, we discussed Brexit and its possible implications. I travelled to London as part of our contingency planning in advance of the vote, to better understand the challenges we now face.

This is not the outcome that we wanted, but our strategy is robust and we will work to the new challenges and opportunities presented. The strategy seeks to ensure that we protect the progress that has been made, but also develop further as we recognise that we cannot stand still. The fact that Ireland will be the only English-speaking country among those EU members committed to continuing in the Union, and a member of the eurozone, is a very attractive proposition. In terms of vision for the strategy, we want Ireland to be recognised as a global location of choice for specialised international financial services, building on our strengths in talent, technology, innovation and excellent client service, while focusing on capturing new opportunities in a changing market and embracing the highest forms of governance.

The strategy places an emphasis on aligning and co-ordinating the marketing and branding of the IFS sector and utilising the embassy and consulate network in targeting regions. Significant progress has been made regarding the 2016 action plan for IFS 2020. The launch of an IFS banner brand which the IDA and Enterprise Ireland will continue to roll out at home and abroad as part of the strategy is one such successful measure.

That brand will allow the financial services sector to promote the opportunities Ireland has to offer. We will be marketing that brand vigorously over the next 12 months in Asia, America and elsewhere. The second annual European Financial Forum will be held in Dublin on 24 January 2017. That event will build on the success of last year as a platform to engage leaders from both the public and private spheres in discussions and debate. The forum will also help to showcase Ireland's international financial services, IFS, environment to an international audience and to highlight the Irish Government's commitment to the development of IFS. While themes are still being developed, the recent decision by the UK should serve to make this forum very popular.

The IFS 2020 strategy is a flexible and dynamic strategy and the next action plan will aim to contribute to the progress we have made and to maintain our momentum into 2017. As with the 2016 action plan, the 2017 plan will be finalised following consultation with relevant stakeholders. In short, Ireland's advantages for inward investment remain intact despite the outcome of the vote last week.

For now, I believe it is worth reiterating the comments of the Taoiseach which underlined that the UK has not left the EU for now. Until it does so following the Article 50 negotiations, it remains a full member with its existing rights and obligations. There will be no immediate change to the free flow of people, goods and services between our islands.

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