Ireland's financial sector could benefit from London growth, says Lord Mayor

Businesses in Ireland's financial sector will be the beneficiary of more enterprises setting up in London, according to the City of London Lord Mayor.

Roger Gifford believes that asset management companies will be moving work to Ireland because of the low Corporation Tax rate, plus the increase in trade between Asian countries and London.

Furthermore, there is the belief that London will not introduce a European tax on financial transactions as it looks to stay as the banking centre of the world.

Mr Gifford is quoted by the Irish Times as saying: "Of course, we (his office) are very pro-London but we are much keener on getting global flows and global business to this part of the world and then we are all going to benefit, and then we are going to argue like hell about who does what and gets what."

Meanwhile, jobs look set to be created in Dublin and Galway following expansion by Fidelity Investments and mobile gaming firm Swrve.

Posted by Emily Smith

Last updated: 21st November 2012