Ireland's Financial Boom: Post-Brexit Bonanza Spurs Job Surge
Ireland's financial job market soars post-Brexit, with a jump from 35,000 to 60,000 jobs. High growth comes with its challenges and global competition.
The Emerald Isle is seeing a dramatic upsurge in financial services jobs, painting a vivid picture of transformation since Brexit changed the scene in 2016. According to a consultation paper by Ireland’s Department of Finance, the sector burgeoned from 35,000 jobs in 2015 to over 60,000, marking an impressive 70% increase.
The Brexit Factor: A Catalyst for Change
Ireland has steadily gained popularity among international financial services firms, capitalizing on Brexit turmoil. As stated in Oman Observer, “Post Brexit, Ireland experienced a further influx of International Financial Services firms relocating from the UK.” Britain’s decision to leave the EU created a shifting landscape, with Ireland emerging as a favorable destination for global headquarters in Europe, Middle East, and Africa (EMEA).
Thriving Amid Global Giants
Ireland’s financial scene is now thriving, hosting approximately 600 international financial services companies. Known as the sixth-largest exporter of financial services globally, Ireland has become a key player in the market. The country’s specialization in funds, asset management, fintech, and aircraft leasing showcases its strategic prowess.
Climate Goals and Economic Challenges
Despite the boom, the road ahead is rife with challenges. With the Brexit bounce waning, Ireland’s financial strategy must pivot to new growth avenues. Competition with financial hubs like Singapore and Dubai is intensifying. Further, the sector is expected to spearhead climate and sustainability investments—a formidable task with mounting pressure on sustainability goals.
Crafting the Future: “Ireland for Finance” Strategy
The consultation process has birthed a renewed “Ireland for Finance” strategy. Originally conceived in 1987, this visionary blueprint seeks to sustain Ireland’s momentum in the financial realm. The government hopes to create 9,000 new jobs by 2030, with a renewed focus on economic diversification and leveraging tech firms’ potential.
Engaging Stakeholders: A Call for Collaboration
The public consultation, open until September 19, invites stakeholder input on boosting competitiveness and overcoming barriers to growth. As Ireland steps boldly into an uncertain future, its financial services sector holds high regard, ready to adapt and innovate in an ever-evolving landscape.
In these transformative times, how will Ireland hold onto the momentum it has gained? The stakes are high, and the world eagerly watches as this small nation continues to punch above its weight in the global financial arena.
