Ireland sweeps up? First companies now depositors
Ireland’s new policy of guaranteeing the customer deposits in all its banks and the post office, combined with the lowering of its company tax rates seem to have paid off, in the short term at least.
Cash is flowing across the water, electronically at least, as Brits transfer their savings to the emerald isle. The pressure is now on the Gordon Brown to match the Irish by putting in place government guarantees in the UK, that will cover even more of depositors’ money as a result of the crunch and failures in the financial markets.