IN 1962 Tony O’Reilly, head ofthe Irish Dairy Board, had an idea that would help transform Ireland’s economy. He wanted to create a premium brand for Irish butter to break intothe growing British market. The new product, named Kerrygold and backed with a large marketing budget, was sold in half-pound packs in a parchment wrapping so shoppers could inspect the butter’s quality. Its success was an inspiration to other exporters and changed perceptions of Irish business.Half a century on, the Irish economy has been transformed into a global trading hub. Some 90% of its exports are shipped by multinational companies. Many ofthese are American giants such as Intel, a chipmaker, and Pfizer, a drugs firm. But some are home-grown food firms, such as Kerry Group. Observers speak of a dual economy: a “modern” capital-intensive part, powered by foreign direct investment (FDI), usually from America; and a “traditional” jobs-intensive food business, which still looks tothe British market. The prospect of Brexit is pulling these two parts ofthe economy in opposing directions.For decades Ireland has appealed to foreign companies as a low-tax,...Continue reading
Artigos Relacionados
- Southeastern stripped of franchise over undeclared funding
- Gas price crisis: Food firms face huge price rise for carbon dioxide
- Amazon pays £492m in UK tax as sales surge to £20.6bn
- Why tax pay packets more and not property?
- US jobs growth disappoints as recovery falters
- South Korea becomes first major Asian economy to raise interest rates
- House prices: Demand changes, not tax waiver, pushed prices up
- The $8bn EV company you’ve probably never heard of
- US economy adds more jobs than expected in July
- EU puts its digital tax plan on ice