Update on Ibec international outreach

Dear member,

I want to share a quick update with you on some significant international outreach engagements that I have had in recent days.

This morning I had a private meeting with Mark Carney, Governor of the Bank of England. We discussed both the short term consequences of the very low possibility of a ‘No Deal’ Brexit and the longer term implications of the UK leaving the EU. However, the consequences of a more aggressively competitive UK in the medium term, especially in relation to corporate taxation, was noteworthy.

Yesterday, the latest GDP figures were published by the Central Statistics Office. The figures show an economy which is on a strong near double digit growth trajectory with households clearly benefitting. Household consumption spending is on a run-rate of 5% for the year and will breach €100bn for the first time in 2018. This trend substantiates the arguments that we in Ibec have been making over recent years of the substance that underpins the Irish business model, but it also highlights the erosion in our competitiveness that is emerging.

This week, I also met with Kevin Hassett, Chair of the Council of Economic Advisers to the White House and President Trump. I took the opportunity to demonstrate the substantial investment of Irish multinationals in the United States and the complementary economic and taxation models that both countries are pursuing for the benefit of their respective business communities.

As always, please do get in touch if you have any queries.

Regards,

Danny McCoy
Ibec CEO