Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

We all agree Brexit poses a very serious risk to jobs in Ireland. The British Irish Chamber of Commerce estimates there is some €1.3 billion in weekly trade between the two countries, which supports approximately 400,000 jobs across the two islands. The fall in sterling is already putting agrifood companies out of business. If the United Kingdom defaults to World Trade Organization tariffs, particularly on food, that will put many more Irish companies out of business. As well as these serious risks, however, there also significant opportunities. One estimate from the City of London is that some 35,000 jobs could be relocated in financial services alone. The chief executive of Lloyds Banks has said he has shelved plans for new job creation in financial services in the UK. The chief executive of JP Morgan said, before the referendum, that some 4,000 of its jobs might have to be relocated to elsewhere in the EU. Last week, in Davos, he said it was likely there would be more job movement at JP Morgan that was hoped would be the case. The chief executive of UBS has indicated the company is looking at moving some 1,500 jobs. The chief executive of HSBC has said Brexit is likely to see that company moving more than 1,000 jobs. The list goes on. Despite these opportunities, the word I am getting from senior executives working in financial services in London and elsewhere in the UK is that they have had neither sight nor sound of Irish politicians or officials. On the other hand, they tell me, they are being actively courted by the French, Germans, Belgians and many other EU nations. The Scottish Parliament and Welsh Assembly have contacted them to discuss moves within Britain. These companies are looking at their options for moving jobs because of the need to have a presence within the EU. They cannot understand why the Irish authorities have not been in contact with them.

Yesterday's meeting between the Taoiseach and the British Prime Minister, Ms Theresa May, is clearly to be welcomed, as is the fact the Minister of State, Deputy Dara Murphy, is in London this week to engage with financial services. Welcome, too, is the launch today of a new Action Plan for Jobs which specifically highlights Brexit. However, what matters is what is happening on the ground. The business leaders I am hearing from both in the UK, particularly in London, and in this country are saying that when it comes to action on the part of the Irish authorities, not much is happening. There are plenty of words and good sentiments but not much is actually being done. Why is Ireland not actively reaching out to our expatriate community in areas like financial services in London, as IDA Ireland has done successfully in the United States for decades? Why are business leaders in London saying they are yet to hear from Ireland when it comes to Brexit?

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