It has been reported that British MPs have been told that 100,000 firms in the UK have registered companies in Ireland since last year’s vote to leave the European Union. Stephen Kelly, chief executive of campaigning organisation Manufacturing Northern Ireland, told a House of Commons committee that UK companies were registering in Ireland as hedges “against worst-case scenarios, if they develop”. Commenting on a recent Dublin Castle Brexit forum organised by the Government, Mr Kelly said it showed “a very positive attitude that Ireland is poised to benefit from Brexit.”

Meanwhile, Central Bank deputy governor Sharon Donnery has been reported as predicting that with no road map available on how a country goes about exiting the EU, it was difficult to determine the possible impact of Brexit. Speaking at the Irish Centre for European Law at the Royal Irish Academy in Dublin, Ms. Donnery commented that “while the decision of some financial services firms to move to Ireland post-Brexit might lead to job creation, given Ireland’s high level of exposure to the UK economy, the overall impact of Britain’s decision to leave the European Union will be bad for the economy.”