Sinn Féin’s high-wire act: courting big business and those ‘left behind’ via IrishTimesBiz
Tánaiste Micheál Martin has said it would be “extremely difficult” for Fianna Fáil – polling at 21 per cent – to enter coalition with Sinn Féin, given its “anti-enterprise policies” and constant negativity towards the EU. Taoiseach Leo Varadkar, whose Fine Gael is languishing on 15 per cent according to the latest poll, has claimed “people in business understand” that Sinn Féin in power would mean “less business, fewer jobs, lower incomes”.
Still, its plans to raise taxes on high earners prompted PwC Ireland, the largest professional services firm in the State, to prepare a slide for clients recently, advising them to speed up asset sales and boost pension pot contributions before the party grabs power. While the document, leaked last weekend, has not been widely issued to clients, it underscores how corporate Ireland is parsing Sinn Féin policies like never before.
Another facilitator of meetings said: “There has been a marked change in Sinn Féin’s attitude to business in recent times. The engagements are being driven by our corporate clients who see that it’s highly likely Sinn Féin will be in the next government, and who want to look into the whites of their eyes.”
“I have gone into meetings with TDs and senators of other parties and you sometimes feel, when you walk in, that they don’t know who you are until you start talking. With Sinn Féin, you see the notes out in front of them. They’ve done their homework, they’ve read whatever you’ve sent in advance. And they want to ask about specific points. A lot of people underestimate them.”
An Irish CEO of a local division of a US multinational said that board members of his parent group have been asking questions. McDonald set out her stall in the American Chamber of Commerce Ireland’s 2023 US-Ireland Business Report, launched in March. “I believe we [will be] a radical government, although some of the ideas that we’re putting forward aren’t that radical – like building homes on public land, ensuring education at third level is free, and increasing research and development investment,” he said.
The party also reckons it could raise a combined €1.3 billion by targeting tax credits and increasing employer PRSI contributions on individuals earning more than €100,000; introducing a 3 per cent solidarity tax on salaries above €140,000 and 1 per cent wealth tax on those with net assets above €1 million; and reducing the tax-friendly threshold of “gold-plated pensions” by €500,000 to €1.5 million.
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