Ireland’s vaunted 12.5% rate has been a key tool in its industrial policy, attracting several major pharmaceutical and tech giants to its shores, from Pfizer.
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Government borrowing has now exceeded £270bn in this financial year, according to the Office for National Statistics. While under normal circumstances, this may have raised some eyebrows, we are still operating in unprecedented times. Despite the significant COVID-19 relief bill, further investment stimulus is required, and the UK manufacturing sector will be hoping this is reflected in tomorrow’s Budget announcement.
An effective pro-manufacturing tax policy is needed not only to sustain the economy and help support employment in the sector, but to position the UK for long-term growth. A healthy and growing manufacturing industry could be the foundation for post-pandemic recovery, and a key strategy for the post-Brexit world. More widely, this would bring job creation throughout the supply chain and skilled labour investment.
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Over the past several decades Ireland has created a rich and vibrant medtech ecosystem that plays a substantial role in the global industry. Undoubtedly, recognition of the significant accomplishments achieved to date is duly deserved for a country of just five million people, which fuels some of the worldâs largest medtech companies with its leading research and manufacturing operations. The sector currently employs around 32,000 people across more than 300 companies, with direct exports of medical products to 95 of the top 100 countries (ranked by GDP), amassing a value approaching â¬12.6 billion per annum.
This international success hasnât happened by accident or overnight. Growing a world-leading industry starts with cultivating an environment in which newly founded companies can plant their ideas, be nurtured through the highs and lows of early development, and grow into international leaders.Â