To ask the Secretary of State for Exiting the European Union, what discussions he has had with Cabinet colleagues on (a) the total number and (b) trends in the number of UK companies choosing to register in Ireland as a result of the UK's decision to leave the EU; and if he will make a statement.
Answered on
7 September 2017
The Government is monitoring a wide range of economic indicators, including trends in company incorporation. There has been no significant change in those trends since the EU referendum. Statistics published by the Irish Companies Registration Office show that new company registrations in Ireland were around 22,000 in the year to August 2017, very similar to the rate before the referendum.
The UK’s decision to leave the EU means there will be a period of adjustment, but the UK economy is resilient. The unemployment rate is at its lowest level in four decades and the employment rate has never been higher. Businesses have continued to show their confidence in the UK, with major investments announced by GlaxoSmithKline, Google and Apple, among others.
Indeed, only last week Aston Martin announced a £500m trade and investment deal between the United Kingdom and Japan which will, amongst other things, benefit its plant in St Athan in Vale of Glamorgan.