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Danny McCoy, CEO of business group Ibec, has said that Ireland needs to "aggressively confront" the competitiveness challenge posed by a post-Brexit UK.
In a speech to the Ibec Business Leaders Conference, McCoy argued that "every government decision needs to be 'Brexit-proofed'." He pointed to reports that the UK is considering cutting its corporate tax rate and the post-referendum fall in the value of sterling as symptoms of a problem that demands urgent government attention.
At the same time, McCoy was clear that Ireland must be "positioned to take full advantage of the inward investment opportunities that will arise" as a consequence of the UK leaving the EU.
In particular, McCoy said that "a major overhaul of our business tax offering is required to bring the Irish offering into line with the UK." He explained that this should include a radical reform of the capital gains tax regime for entrepreneurs, and improvements to incentives for investment, innovation, and up-skilling in SMEs.
McCoy also stressed the need for the Irish Government to "actively support the closest possible EU-UK relationship, while at the same time ensuring the UK does not steal a competitive march."
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