Ireland Set for Influx of Wealthy Expats Following Brexit Decision
Ireland is ideally positioned to become the natural alternative to the UK by EU jobseekers, according to job site data.
There’s been a surge in the number of financial professionals in both Britain and Europe looking for jobs in Ireland. The surge follows the UK’s vote to leave the European Union.
Job site Indeed published data showing that job searches for positions in Ireland rose dramatically after the Brexit vote.
Searches originating from the UK for auditor roles increased by 55 percent, while searches for financial analyst and accountancy roles rose by 50 percent and 46 percent respectively.
UK’s uncertainty is Ireland’s advantage
The data reveals that Europeans uncertain of their future rights to work in post-Brexit UK are increasingly considering Ireland.
Significant expat wealth could be destined for Ireland
The data reveals that some of the highest earners in the financial services sector were considering Ireland. Financial director searches rose by 196 percent, while trader searches 62 per cent.
The surge in job search into Ireland is a testament to Ireland’s attractiveness as a place to live and work. And a stark illustration of how Brexit uncertainty is undermining Britain’s appeal. – Mariano Mamertino – Economist at Indeed.
The Last English Speaking EU State
Following Brexit, Ireland will have a tremendous advantage as the only EU state with English as a first language.
Ireland is seen as a natural alternative to the UK by EU jobseekers. It’s an English-speaking country, with a flexible labour market and one of the fastest-growing economies in Europe. – Mariano Mamertino
Ireland is a natural fit for businesses from English speaking countries including the UK who need an EU presence.
In addition, many businesses prefer to use English as their primary international language. Ireland will be attractive to all global business seeking an EU presence in an English speaking environment.
On Wednesday Bruegel, a Brussels-based economic research group published a Brexit based report. The report projected that the City of London stands to lose 10,000 banking jobs and up to 20,000 accountancy, legal and consultancy positions and a direct result of Brexit.
“The much-feared financial sector flight could be beginning – but from the ground up, rather than the top down. – Mariano Mamertino
The report estimates that UK will stand to lose £1.6 trillion equal to 17 percent of UK’s total banking assets.