The Irish funds industry employs about 17,000 in Dublin and about 35,000 across Ireland. Many of those employed in the capital work on the administration of funds for UK firms. In an interview with The Irish Times last month, Mr Lyons said the UK side wants to keep good relations with Ireland but “there is always another way” to get a post-Brexit deal.
“There is definitely a desire in the [UK] government to help the City be as competitive as it can. We want to do that in a sensible and thoughtful way that enables us to rebuild relationships with the EU. But there is always another way to do things. We have not really flexed our muscles [yet] on regulatory change.”
The Government has upped its projections to a €10 billion surplus this year, with corporation tax up €12 billion annually since 2019 on the back of huge profitability of foreign firms based here. The surplus could rise to more than €20 billion by 2026 under current spending rules.