The problems of Ireland are ones the new UK Labour administration would love: too much money, large tax surpluses and politicians choosing where to spend
The difference between Ireland and the UK is the multinationals, the Irish inward investment model and the fact that Ireland has imported an American capital base to fuse with local talent. Photograph: Chris Ratcliffe/Bloomberg
The State has to take the lead to protect the economic and social template that Ireland has created which is to use other people’s money to create our own wealth Contrast the UK budgetary problems with its deficit of about 2 per cent of GDP to Ireland’s almost embarrassing abundance of revenue. The difference is the multinationals, the Irish inward investment model and the fact that Ireland has imported an American capital base to fuse with local talent. If it wasn’t for this, Ireland could be Little Britain.
We’ve been warned by finance mandarins and economic prognosticators every year for the past 10 years that the corporation tax revenues are unstable, fragile and could dry up at any time. Yet every year they get stronger. This is because of one simple fact – the tax system is set up to generate surpluses. It is extraordinary that the very people who apparently designed the tax system to generate a surplus don’t seem to have confidence in their own creation.
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