Ireland enjoys very significant political stability. The major political parties, which enjoy the support of over 75% of the electorate are very firmly committed to promoting business and a free market economy. Changes of government in Ireland do not lead to significant changes in the tax legal regulatory employment and trading environment.
Ireland is a cohesive society with a flexible economy. Ireland has proved itself very resilient when faced with a severe contraction in its economy during the financial crisis. When Ireland faced an unprecedented economic crisis in 2008 to 2013 the government was able to undertake a very significant retrenchment in public expenditure.
This included across-the-board cuts in public sector salaries averaging 15 to 22%. Equally, where necessary, private businesses reduced salaries by 10% in most sectors and in many sectors where the economics so required, by significantly more.
The Ireland economy has proved very resilient since the financial crisis and has bounced back with the highest rates of growth in the EU for several successive years. Although Ireland was faced with enormous challenges by the insolvency of its banking system, it has since successfully recapitalised the banks, and completely re-calibrated public expenditure bringing down its overall debt to GDP ratio well below EU averages and now runs a public sector surplus even after debt service.
High Support Levels for EU
Ireland is firmly committed to continued membership of the European Union. Ireland has consistently demonstrated high degrees of public support for membership of the EU levels of up to 90% or more. This has continued and been reinforced after the Brexit vote in the UK.
All major political parties are firmly committed to European Union membership No parties with representation in the Irish Parliament l propose any change to the terms of Ireland’s EU membership. The only candidates standing on an explicitly “leave the EU” platform in the European Union elections in 2019 received less than 1% of the votes.
The European Union’s basic rules guarantee free trade and open markets. Membership of the EU creates an extraordinary guarantee for inward investors and others who establish a base in Ireland. The EU treaties and legislation guarantee that not only in Ireland but also throughout the whole of the European Union, that there will be a free-market competition driven economy.
Not only the EU treaty basic principles guaranteeing a free market economy and fair competition but also all legislation made implementing those principles across the economy, take precedence any national legislation and rules in all member states.
Any undertaking or business based in any EU state can challenge and invalidate the laws or practice of any other state, government or governmental authority which directly or indirectly in any way interfere with the principles of free trade and fair non-discriminating markets.