Changing consumer behaviours has meant that the CSO (Central Statistics Office) has updated the basket it uses to calculate the official rate of inflation. One sign of economic revival is the return of champagne, which is now back in the basket with many seeing this as the final sign needed that the recession is over.
These more expensive tastes may not be for everyone, but there are some benefits that may help Irish industry. With Brexit now a reality and many jobs in the balance in London, Dublin is already being touted as one of the large net gainers of jobs from banking and insurance companies.
Financial Services have expensive tastes
Ireland’s ability to attract as well as grow talent has already been tested in technology and life sciences – which are now leading sectors – and can be replicated in financial services. However one thing those fat cats have is expensive tastes so, alongside champagne, we need to look at our paltry 5 Michelin star restaurants as compared to 100 in Paris and over 60 in London. Attracting talent is not just about the jobs but also the surrounding environment.
Brexit to Ireland through a stomach?
The financial services sector creates huge wealth and will be a massive windfall for Ireland. It will generate high volumes of downstream jobs. A Brussels-based think tank highlighted that a staggering one-fifth of wholesale financial activity could shift to Ireland after Brexit. So the Government need to look at our property challenges and our infrastructure needs but let’s maybe not ignore the ancillary issues such as restaurants. They say the way to a man’s heart is through his stomach, let’s hope the way to thousands of new jobs in Ireland from the UK is through a lot of city bankers stomachs.