It's true that GDP statistics are misleading in the case of Ireland, but as the video progresses, we look into why it is more than GDP, and also average wages starting to exceed UK wages. If you enjoyed this video, so consider subscribing for more similar videos. th-cam.com/users/economicshelp1
Pay has been stagnant but cost of living has not. We are poorer than we were 10 years ago. Ireland is fake rich and we are trying very hard to become like the UK. Our government wants more poor people here. They have threatened us and said that they will ban all house building if borders are not open.
@@taintabird23because the U.K. is no longer part of the EU it’s necessary to read the Eurostat figures in conjunction with the ONS report here www.ons.gov.uk/economy/inflationandpriceindices/articles/actualindividualconsumptionperheadintheuk/2020 - this show UK AIC to be 13% higher than the EU average and Ireland to be 12% below
@@taintabird23 Those stats only exist in the minds of the anti Irish in the UK who cannot come to terms with the fact that the average "paddy" is now far more wealth and better paid than the average "brit".
Im irish and have lived in the UK as well as ireland. While GDP in ireland is nonsense the real skills and capital being imported into the country via hyper competitive multinationals is the real long term play. The skills clusters are leading to the formation of domestic expertise in financial services, tech and pharmaceuticals. I grew up in rural ireland milking cows and now I am a highly skilled software engineer, my siblings are in pharmaceutical regulation, customer success in tech and marketting. The average productivity of an irish worker is much higher than a UK worker due to the majority of irish people being exposed to / working in high productivity industries. The only truly competitive part of the UK is London with the remainder being a huge rump state with some of the lowest living standards in the west. Having lived in the UK it feels "poor and tired" with the exception of the SE and Bristol. The productivity issues are very real with so many people working in low paying dead end and low skilled roles, these jobs exist in Ireland but theyre not as omnipresent as in the UK. Class mobility is still very real in Ireland as well which greatly helps with the meritocratic process. The UK is still dealing with the vestiges of its aristocracy and its leadership class leaves a lot to be desired. Overall I think Ireland will continue to outperform the UK into the future but will face a reckoning when multinationals step back. The domestic companies will have to step up and be globally competitive.
The multinationals that are in Ireland have invested and continue to invest vast sums in their Irish facilities and for the most part all the manufacturing and other operations that happen in these places are at the highest level of sophistication, while Irish educational institutions churn out highly educated and motivated individuals and Ireland retains a business friendly environment these multinationals will remain. Irish companies always have and continue to be globally competitive so suggesting they need to step up shows respectfully you have a rather naive view of Irish domestic and international commercial activity.
@fitzstv8506 Having worked for domestic startups, I can say that our doemstic tech industry and surrounding investment climate is nowhere near as good as it could be. The talent of the individuals involved is quite high, but the ambition is limited. Irish companies are starved of capital because of a weak investment sector within the country, so need to seek capital from abroad, the ambition is just to be acquired by a US multinational or get contracts with 4-5 large multinationals and just serve those customers. This is doubly true for capital-intensive industries like green tech and pharmaceuticals. We have the people to build domestic champions in these industries but not the capital or state support. The IDA is geared towards pulling in foreign direct investment in the form of a multinational presence but when it comes to building irish companies serving the irish market / European market the state doesn't put its money where its mouth is. It's very frustrating working with startups from other countries with much less efficient businesses / bananas ideas but they have access to so much capital and implicit state support that people feel comfortable taking these big risks on building something whereas in ireland the clear and obvious path as a skilled worker is to just work for multinationals and not get involved with domestic startups. This is all based on my experience working in Dublin for the last 10 years, but you may have seen something different.
@@mn5499calling it a partisan comment is a partisan comment though. It is the only western government which chose to erect trade barriers with its largest neighbours. World leading😂
Being colonised rather than a coloniser has given us a kinder world view. I have worked with many fabulous people from the UK but there is a small but significant percentage of people from there who have either a feeling of superiority towards other countries or downright racism. The British Empire was achieved on the blood sweat and tears of the ordinary people in countries like Ireland, India etc. Genocides have been dismissed or glossed over. But Irish people have been welcomed in almost in every country in the world, we work hard, are fun, sing songs. Check out Irish football fans abroad. Perhaps it's an international charm offensive.
Nick Clegg expressed this feature among many countrymen very many years ago like this - "..a misplaced sense of superiority, sustained by delusions of grandeur and a tenacious obsession with the last war,..". In fact you find the reason to brexit in that one sentence.
@@DougieBegg Was there in 1997 to 2003 .. London was English then .. so I stand by my comments .. complete garbage re racism and colonialism .. and I am not English ...
Hardly ever met a rich Irish person. Over last year,they couldn’t believe the car I had,watch you don’t get it stolen was the quote. I earn at least double of my equilibrium comrade’s, total bollocks.
What countries are in the G7? The Group of Seven (G7) is an informal grouping of seven of the world's advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States
Thanks for your analysis, but you have missed a very important point: Ireland is the safest English speaking country in the World. FDI doesn’t just come in because tax rates are low, French rates are similar to Ireland’s, but companies still invest in Ireland because of the stability. Irish property prices are high because so many people want to live in Ireland, demand currently far outstrips supply. It’s a price many people are willing to pay for safety and stability.
Nobody cares about crime rates as long as there are no cartels like in Latin America. The French don't speak English. The big "multinational" companies are American and they speak English. If Mexicans spoke English and got their cartels under control all the "multinationals" would relocate there.
Left Ireland in 1989 for London and relocated to Edinburgh in 1994. Back then Ireland was a stagnant economy with few opportunities for twenty somethings. There's no doubt the economy and country has been transformed in the intervening period and the country is unrecognisable from the one I left. Despite that it's not an attractive proposition for me to move back. Housing costs are exceptional by European standards. Gross income per capita might be higher than the UK but taking into account the high cost of living it's debatable whether people are any better off.
@@thesaintirl We're not just talking Dublin. We're talking about the whole country (26 counties?) Housing costs are exceptional by European standards. I understand the population has swelled considerably since I lived in Ireland in the 1980's. Back then the population of ROI was roughly 3.5m. You will be more informed than me now but based on the latest census believe it's closer to 5m?????. So it's a supply and demand issue ?
The education and health care systems are markedly better than the UK. My daughter learned modern languages from when she started primary school aged six and now speaks four languages. it opens up new worlds for her that are not available in countries like the UK. The UN deemed Ireland to have the second highest standard of living in the world while the UK does not make top 30. I live in Northern Ireland , and it is fifty years behind Ireland.
@@Knowledgejoy-mm2jt Don't know when that UN report about standard of living was but it doesn't seem appropriate in 2023. See comment after yours. Btw I would concede Irish education system is better than the UK. My daughter went through the Scottish system and I wasn't impressed. The Irish health system I can't comment because I don't know anything about it. Pay as you go I think.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
Fisheries are a TINY part of Ireland’s economy. Irish agricultural trade with the EU is larger than the UK’s declining share. Overall, agriculture is a very small part of our economy, around 3-4% depending on who’s compiling the stats.. The UK is a declining, basically marginal, export destination for Ireland. The EU takes about 40%, while the USA accounts for just under 30%. Ireland invests, big time, in education and training. The trajectory is upwards in Ireland, as opposed to the UK
@@nostromo2244 It would probably help if you tried reading what I ACTUALLY wrote, as opposed to what you think I wrote.... The reality is that the EU, overall, takes a larger share of Irish agricultural exports than the UK does.
I've experienced Ireland and the picture you paint is incorrect, outside Dublin it is a backwards looking hard to do business place. Irish banks are awful, the personal taxes horrendous and everything is so expensive, food, cars, housing. God they even make you pay stamp duty on your credit card €30 a year
Thank you for a very informative and insightful video. The question regarding the Surplus must not be squandered by the Irish Government. We need to improve housing due to our growing population, but also to hang onto our skilled labor force and attract other skilled labor in view of the depopulation trend that has already begun! Perhaps more Brits can find employment in Ireland. Either way, we all face an ever changing world that is becoming more difficult to navigate. Have just subscribed to your channel! Keep up the great work! We will all have to monitor our Politicians and Government institutions so that they serve the people and not the few! ~ Pax 🕊️
Ireland is effectively a tax haven and that is the very temporary reason they prosper but while the EU is collapsing its moving in to remove this advantage.
@@At_the_races Not overly fond of Varadkar. Diversity is key to Ireland 's economic growth. We are an island. Time to consolidate where we are now and review. We Irish currently enjoy a reasonably prosperous life with a rule of law that many others do not have access to! We have also paid and gained this privilege by those who have gone ahead! Let's not forget the cost. We the Irish have been the itinerant emigrant for a few centuries. However, some discernment and saying NO to Brussels now and again needs to be invoked. All politicians need to be monitored. ~Pax
Agriculture isnt a big employer in Ireland anymore(4.5% 2022) and dropping rapidly (9% in 2000, 18% in the 80's). Twice as many people are employed in education and its the educated workforce that has attracted the FDI. University education was free in the 80's and now the maximum cost is €3k pa before income related reliefs, hence the Irish economy taking off in the 90's. I also suspect wealth distribution is more concentrated in the UK which is reflected in the average house price of the respective capitals. Avg London house prices are 40%+ more expensive than Dublin. In % terms of the populations, twice as many are council tenants in the UK. The personal tax rate is higher in Ireland and starts sooner so its surprising they have higher avg disposable income and savings. A higher tax rate and higher living costs are to be expected with a smaller population because of fixed costs. Distance from market is also an additional cost and a reason the IT market was target for FDI, the internet removes this. This is a different approach than the UK/Brexit has taken. The Irish tax system is very transparent such that the effective corporation tax rate in many European countries is lower due to many more reliefs on the tax due being available.
While personal taxes are higher on paper there is a huge list of tax deductibles that the UK doesn't offer, they tax based on household income which is a game changer when one parent is the bread winner and the other works reduced hours to look after kids.
The UK government has been terrible for generations now with no sign yet of it improving. Every part of the country outside London has mostly been ignored. We need a decent prime minister
A good reason for Northern Ireland to rejoin the Republic of Ireland. Together they could make a good future. The housing problem is international and is mainly due to incompetent governments which see housing as an investment and not as a place to live in and a home for families, which are the back bone of any nation.
For everybody complaining about tax havens and distorted GDP, the video really begin at 3:35 where he discusses MEDIAN disposable income, the UK doesn't look very flattering even taking into account living costs. You can just look up jobs like Aldi and see that they pay more over in Ireland than they do here, someone there starts at the equivalent of £12 an hour and here it's £11.40 and more expensive here. In other professions the gap would be even bigger.
It has to do with culture, it's accepted in USA, UK and many countries but generally not so much in Northern Europe where equality was a thing from not only modern times but from thousands of years back. People had to stick together and help each others out to survive. A culture like that can not be created overnight.
Solid analysis. Im in the US, but visit IRL.and the UK often. IRL has to tackle its housing situation, which is 100% political. In truth, the country is a giant farm, with tons of land available for housing, if only.....! The UK is suffering from a political issue as well. That is, the influence of the City on.Brexit, with their fear of pending money laundering regulations from.the EU seen as a threat to their lucrative money management businesses, a lot of which is entirely legitimate. But, let's be honest, a fair amount is not, with oligarchs and other undesirables making marquee purchases in London, having an outsized influence on the UK, all enabled by City professionals. In IRL, young ppl.are screwed by the reluctance of the government to improve land supply for housing, but the country as a whole is prospering. In the UK, the City, and more.specifically those that manage unsavory wealth have managed to screw over the entire country, all under the smoke.screen.of sovereignty.
Ireland has an immigration problem. The government is attempting to house anyone who comes there. This is causing political instability. If social welfare, housing, education to beyond 3rd level and health care was not available to immigrants and low wage employers, importing workers were made to pay the actual cost of these employees. There would be no housing shortage but the reverse.
Couldn't agree more - many people in the UK are completely unaware of the influence the City plays in politics and especially Brexit. In this comment section there seems to be an overplay of an "empire mindset" which is not only nonsense, but completely manifested by themselves - I am from Lincolnshire and can count on my right-hand the amount of times I have heard this mindset in person. The actual answer to Ireland's success over the UK largely lies with a smaller population and a country failing to manage deindustrialisation. It's easier to transform your economy if a large amount of it is not struck by managed decline after a prolonged period of deindustrialisation, dragging down the average productivity.
Thank you for such a brilliant answer I'm from ireland and lot on here seem to think that video is gospel Ireland hasn't the same commitments as the uk it doesn't over sea territory to maintain or aircraft carriers to build etc etc @@yournan6546
Actually it was 2015 that apple made the irish economy gdp jump ...also Ireland has already signed up to 15% tax rate already.. it comes into affect early next year
GNI per capita, Atlas method (current US$) - Ireland, United Kingdom GNI per capita, Atlas method (current US$) - Ireland, United Kingdom - World Bank Ireland = 81,070 USD UK = 48,890 USD Eire's economy started growing faster than the UK's in 2013, and the gap in the growth rate has only widened since then. Criticisms of the Comparison These statistics don't describe people's everyday experience of the economy. Aggregate Gross measures don't tell us how much wealth inequality there is in countries. The Gini index - United Kingdom vs Ireland can tell you that. Gini index - United Kingdom, Ireland 2020 (latest) - World Bank Ireland = 29.2 UK = 32.6 0 = Perfect Wealth Equality Both Ireland and the UK suffer from wealth inequality, with the UK being more unequal. At these levels the wealth inequality is significant.
Lived in Germany and London and now back in my home Dublin . English workers talk too much . Irish government attracted industry here.. Irish schools better..Germany’s work ethic is unreal. They twice as productive as the British workers.. The brits simple don’t have the work ethic anymore..
@@Englishman_and_mountains Ireland is not a tax haven and never has been. Do not confuse Ireland's clear and transparent industrial and commercial policies with tax havens such as the London, Switzerland, Singapore and the Caribbean. Ireland does operate a very business friendly environment which is in no way illegal and nothing prevents other countries adopting Ireland's business model indeed many do. The Irish economy remains in consistent growth and is predicted to continue this way as far in to the future as these metrics can predict. Hard work, education, excellent productivity, EU membership and a business friendly environment are responsible for Ireland's economic success. In relative terms the Irish economy surpassed the UK's in the latter part of the last century and it continues to leave the UK economy in the shadows. Ireland certainly has it's problems but they are no more pronounced than any other modern sophisticated economy.
@fitzstv8506 Yeah, mate, I'm not here for a knob size competition. Ireland was made business friendly because of the EU. Although hard work and the rest of what you said obviously has something to do with it doesn't mean that's the reason the UK economy is not doing as well. You couldn't have done it by yourself out of the EU. The EU made and then used you as poster boy with low taxes for businesses. The same would have happened with any other country.
Just to put some things in perspective for Ireland. 1. Agriculture represents 1.2% of GDP compared with 0.7% for the UK, pretty trivial overall. 2. Despite endless talk about low Corporation Taxes, the Irish Government gets a far greater proportion of revenue from it than the UK, 17.1% compared with 7.9%. 3. Manufacturing represents 34.6% of Ireland's GDP compared with 18.9% for Germany and 8.8% for the UK. It is a Manufacturing, not Agricultural country doing very nicely from Corporation Tax.
@dickdastardly1085 their your pikeys now ,we owed ye that one ,ye sent us your protestant planters we send ye our pikeys in a way its poetic some say pikeys are descendents of the people who lost their land during the Great Hunger and maybe even the plantation of ulster or laois and offaly.
@@joekavanagh7171The corrupt Irish government won't build houses for the people so their own properties keep going up in value and also massive rental income can be extorted from the workers and students who can't afford to buy.
What a lot of people don’t see if that the huge change actually began in the 1970’s when the Irish government began investigating hugely in education, resulting in a society where just about every single young person completes their education. Two huge benefits to foreign investment (besides from the obvious ones) is that involvement in technology has lead to a strong local start-up culture (using skills acquired in international companies) and the soft power of so many Irish people taking lead roles in technology in the USA (Irish people doing well in Ireland and being asked to do stints in the USA). There are a good few British citizens working in tech in Ireland (who are welcomed BTW) but most migrants from Britain are arriving to work in the health service and construction.
I am a child of the EU era. Educated moderately well in publically funded national and secondary schools. EU funded 3rd level education and training in a 3rd level technical college and in a US funded factory in my home town. Further work and training in another US funded factory on Irelands East Coast. Any idea of exit from the EU would be madness to my mind and to many of my generation because Ireland has done well both from EU membership and close cultural, social and economic ties to both the US and the UK. Eu membership allowed Ireland to greatly expand and improve its road network and increase its ability to grow and improve its economy. If Ireland was not in the EU I would probably have to emigrate to the UK or live a precarious existence as an illegal in the US.
@@jgdooley2003 That’s a good summary. EU membership was the key change. Lots of factors were put in place previously by a minority of brave politicians who confronted protectionism. So while the EU was the lynchpin we we’re able to take advantage of it with our good education. Ireland went pretty rapidly from net beneficiary to net contributor which is amazing. Low corporate tax alone would not attract so many multinationals to a small country, the locals have to be skilled enough to make it a success. Our nearest neighbours lag in education with so many young, working or working poor not completing their secondary education.
Ireland has a similar problem with working poor and high illteracy rates among those people who slipped through the education system to long term unemployment and want. I worked 30 years in electronics repair. if I scrapped as much items as the education system scraps people I would be fired. What is needed urgently is a quality and performance control system that steers resources to people with learning problems and makes sure everyone has at least a basic level of education.@@peteymax
The difference between the UK and Ireland is that even centre right governments cannot get away with what the Tories have done to UK society and economy. Governments tend to be coalitions which inevitably need to meet in the centre while maintaining a social welfare threshold and a more equitable education system. However Ireland does face challenges particularly a housing crisis. This housing crisis is not as bad as the UK or USA and some other European countries, but.will probably meam that Sinn Fein will lead the Government after elections to be held within 12 to 15 months It is also very tempting for government politicians to sit back and imply that " at least we are not as bad as UK." However this does not wash with most of the population particularly since difference between classes is not tolerated much. The UK had its own challenges and responsibilites and it is not my place to prescribe anything, but my observation is that it is very risky for a country to abandon ssocial welfare thresholds and ignore broad secondary education which pays attention to mathematics social education as well as English , sciences and languages.
@@tig3662 Educational standards and outcomes are much higher in Ireland than UK. Welfare state is bigger because population is 14 times the population of Ireland and infrastructure also has to service that size of population Social welfare is proportionately much higher in Ireland. However health service is not universal but very highly subsidised for people who do not have free health care. Roughly 40 - 60 percent ratio. Universal family supports are also much higher in Ireland
Ireland has social problems particularly in Housing and unacceptably low ratio of Public Service employees which negatively affects public services . This small ratio is constantly criticised by business leaders who believe it should not have been let fall to this level, despite a serious labour shortage. There are other issues which are also left on the he long finger of course. However if the population of the UK are aware of the social disparities between the two countries hopefully they will expect higher standards from their Governments Irish people are more interested in their own political and social affairs and have no interest in "one upmanship" with British people.
@@you-know-who9023 Education in both Ireland and the UK is very similar. To suggest standards are higher in Ireland is ridiculous. England also has a much better vocational system which has been expanded over the past decades. Ireland lacks this. The UK welfare state is far more larger and generous, plus the NHS is miles better than the Irish healthcare service which is largely a private model. Also, public transport. Ireland is so, so far behind the UK in this regard. It's not down to the size of Ireland. Other smaller countries have better transport connections than Ireland. It's due to the lack of investment and a society more like America. Ireland is far more capitalist than England.
@alibongomagician8851 I'm pretty sure we bailed ye out during WWII with boatloads of food.......more than ye lot did for us during the Great Hunger of the 1840s. Get over it.
Not the same thing. Generally, the Irish work harder than English. The amount of English guys I worked with over the years who spent 2-3 hours a workday whining or simply just chatting about work! @@wallace-bv4rl
Your right education is key they leave school at 16 in the uk bigger country get people out working as soon as possible and start paying taxes also work ethic your right to but work ethic is good there or was haven't been back in a very long time but in general most anglo countrys would have a good work ethic but I think there is a sub culture there and here in Ireland that would milk the system dry (benefits) I mean Ireland must pay out a fourtune in benefits but could you imagine what the UK pays out with population of about 80 million
@@MarkConnolly have we even considered if the native population keeps leaving and a foreign population keeps entering what will Ireland be like in 20 years probably very much like the UK?
My God, there is nothing like the comparison in this video to get the people commenting. The mere mention of UK vs Ireland will have little Irelanders or Englanders racing to point out how superior their country is. I am not an economist but i have live din both countries and have sometsrong view sabout the decline of the uk 9as i see it ) and the rise of the Republic of Ireland. There are many excellent points made in what I consider to be a very balanced video. I have many points to make - only the geeks will probably stay with me! This is the (really overlong) preamble to my comments on the video The Republic of Ireland mismanaged its economy terribly for the first 65-70 years of its independence as a state. Why? Blinkered, inward, we-ourselves-alone, agriculture-worshipping nationalism. We were not unique in this approach, certainly pre WWII. But after WWII we went backwards, not forwards, forever sending waves of emigrants towards our ex colonial master, the UK. It was only in the 1960s that an intelligent Taoiseach (Prime Minister) along with a highly intelligent senior civil servant had the courage to point out that these policies were impoverishing our state. There was a small economic boom, emigration stopped for little while, and then we blew it again , as many countries did in the late 1970s /80s when Keynesianism seemed to have run out of road (it hadn't, it was just being badly abused in the western world). In 1987 the Irish government, unions and employers organisations reached a deal that promised industrial peace. The deal was that employees would accept below-inflation wage increases on the promise that once the economy picked up the ordinary Pay-As-You-Earn taxpayer (the regular person , taxed at source) would have their hideously high level of tax decreased (you didn't have to earn much then before you paid a marginal rate of tax at 65% for very little in the way of public services) . From that day forward the economic stats changed radically. Strikes, which had been rampant in response to huge levels of inflation, disappeared very quickly. Every economic stat improved quickly except unemployment, which took about 3 years to really start to move. Once it did it dropped every year for about 10 years and never really went backward, even after 9-11, when the global economy had a recession. When I had to emigrate to London, fresh out of college in 1987 (thank you UK and London ❤), the unemployment rate was about 17% in the ROI but the huge levels of emigration disguised the real level. Within 13 years Ireland had moved from a country that always had high emigration to one that was now a country of net migration. I moved home in 1997. The Ireland I returned to was a different place - more modern in every way. The Ireland today is simply unrecognisable from even that country. Have we ended up prostituting ourselves with multinationals. Yes, we have. But to be fair to the politicians who had to make bold decisions back then, we had an educated young population back in the 1980s/90s and no work for them. We were sending highly educated kids abroad to enrich other economies while we couldn't really afford the cost of the educating them in the first place. We had never had an industrial revolution because we were a colony of Britain (I can't go into that here - people will have to read about that elsewhere, sorry!). What was the government to do? They took EU development funds, and to their credit they invested in infrastructure, which helped to build an economy that was attractive to outside investment. Many of the educated young people [coughs] returned to Ireland in the mid-to-late 1990s with the benefits of of a new outlook, having worked in dynamic economies and companies in the UK, the US, and the EU. They brought back vital skills and experiences. I have digressed (I must apologise to the 2 or 3 people who have read this far). Key points regarding the video: The EU has been a huge boon for Ireland - it not only invested money in the county we could never have afforded ourselves to develop our economy, but it opened up our economy hugely - to the point that we are one of the most open economies in the world. A huge contrast form our insular selves pre-EU. Our population has grown massively in percentage terms in the last 30 years - from 3.5 million people in 1991 to over 5.2 million people today. People in Ireland accept that the immigration that has led to this is one of the factors of our growth and most seem happy enough with it (not all people of course). But if the economy wete to have a huge wobble, for instance if a number of large tax-paying multinational companies left the country, then I imagine the situation would change. I imagine we would have the far right stirring hate , as it has all over the western world . Globalisation has screwed many people - we have been fortunate to have bucked the trend so far. I'm not sure I accept the commentary about the size of agricultural employment in Ireland - I think this is greatly overstated by vested interests in Ireland, and this is a sector of the economy, as in France and some other EU countries, that is hugely reliant on the Common Agricultural Policy (CAP). I don't necessarily disagree with a form of CAP, especially with global warming racing ahead, but its benefits need to be factored into Irish agriculture, which is not efficient by global standards. Ireland does indeed have a similar a housing crisis to the UK . These crises are now seen in many capital cities in the Anglo-Saxon sphere (and even the EU) due to the bankrupt 1990's economics of Thatcherism and its allies where the state could do no good and the public housing was sold off to tenants and not replaced. The Irish governments of the last 10 years have had touching faith in the free market to solve the housing crisis. This faith has been badly misplaced. The younger generation in Ireland, as in many other counties, have been royally screwed. Regarding the advantage Ireland has over the UK in less economic inequality, one reason is that we have a tax system that redistributes wealth more efficiently (you can like that or not, owing to to your philosophical outlook, but I like it). Another reason is that while Dublin has disproportionately benefitted from the economic growth, as capital cities always do, I don't think it dominates the economy in quite the same way that London and the south eat of England does in the UK. And of course we don't have large numbers of expat oligarchs from Russia and the oil states and their billions living in our capital! My final points (there may be one person left reading at this stage - I am an optimist). I loved my time living in London. I told all my family and friends back at home (most of my friends were living in London too in fact) that Ireland needed to get over itself , that the English and British in general were actually an extraordinarily tolerant people whom we should attempt to emulate, instead of constantly knocking to make ourselves feel better. I have been saddened over the years at what has happened in the UK, driven by a revolting media controlled by billionaires who pretend they despise some invented 'elite' and masquerade as the representatives of the people. Brexit was the greatest example of how these populists lie to people about what they can achieve. I suspect that if Ireland were subjected to the savage and unnecessary austerity which happened in the UK under the Conservatives and Liberals (let's not forget the wonderful Nick Clegg, now sad apologist for tech oligarchs and unbounded AI enthusiast), and then equally subjected to ultra right propaganda from a narrowly owned media, that the outcome would not be very different. But what about Ireland and its "tax haven" reputation. I can't defend that. It's not a simple issue. If the USA was run by politicians who cared about their country most of the profits that are taxed in Ireland would be taxed in the USA. We are gaming the system. I'm not proud of it. But it is a nasty world out there, and maybe our politicians feel they are doing right by their people. For now we have peace and prosperity. But the way of modern western economies is that the rich get richer and control more of our lives, and the poor get angry. I fear we have just delayed the apocalypse that has been slowly coming to other western countries. I will stop now and go for lie down.
Bejaney, that was epic. I'm the same age as you, lived in London etc. Your post is both accurate and fair. My only divergence from you is that I don't apologize for our low corporation tax. I feel lucky I live in a great country, that is safe and prosperous. I constantly feel that our best days are still to come.
It's so strange: The whole Brexshlt thing was about to create a Singapore on the Thames. But Ireland is in fact like Singapore because it is in the EU and the UK is now like Malaysia...
Selling our entire manufacturing sector to foreign corporations and allowing them to outsource my jobs! Ditto minimum wage and utilities and food retailers!
The "record growth in tax revenue"(6:23) does not share that this TAX WINDFALL is a direct result of the European Parliaments Tax actions dating from 2016. Googled: "What is the EU tax avoidance Directive? On 28 January 2016 the Commission presented its proposal for an Anti-Tax Avoidance Directive as part of the Anti-Tax Avoidance Package. On 20 June 2016 the Council adopted the Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market The Anti Tax Avoidance Directive - European Commission The Anti-Tax Avoidance Directive contains five legally-binding anti-abuse measures, which all Member States should apply against common forms of aggressive tax planning. Member States should apply these measures as from 1 January 2019." Ireland signed up to the OECD Two Pillar agreement in October 2021, including the agreement of a global minimum effective rate of 15%, on a jurisdictional basis, for in-scope entities by means of a top-up tax, which is added to corporation tax charged under domestic rules to reach the 15% effective rate.31 Dec 2023" The HUGE INCREASES in Windfall Taxes in Ireland have had a strong boost effect on the Irish economy. ♾
It’s easy how that happened and it’s done to one word, namely BREXIT. The ludicrous and crazy decision the ill informed British electorate made in the June 2016 referendum on leaving the European Union makes it so easy for us Irish to surpass the British economy. We Irish along with the other citizens of the European Union have so many benefits collectively with direct access to the largest internal market in the World, easy travel amongst twenty seven states without all the paperwork required and access to free education across the same European Union. 🇪🇺🇪🇺🇪🇺🇪🇺🇪🇺🇪🇺
Many of us Scots tried our best but there's just not enough of us to make a difference to the UK as a whole. That doesn't just apply to Brexit mind you!
@@DABmongerplenty of us English people didn't want brexit either, unfortunately too many of us were duped by Nigel farage, Dominic Cummings and Boris Johnson...
@@AA-hg5fk Yeah, I'm aware of that. They lied, they wanted independence from the EU at all costs no matter what ... and they are all rich enough so that it doesn't really affect them too much, and some could even just move their investments around so that they get even richer, despite Brexit. Whereas the average person in the UK loses in so many ways because of Brexit, but thought the change would be best, especially with all the crap that they were getting told by Farage & co. The common person was just used by these lying clowns.
No, pointless quasi-democratic voting for party lists at European Elections every 5 years. What a joke all that was! The Commision in particular is a horrendous quango on Fifa levels of corruption! At least we, the voters are responsible for our untrustworthy ruling classes and can vote them out accordingly! Trade blocks I can get behind! Wannabe Superstates, not so much!
Meanwhile in the real world not the sado remoaner rejoiners world , the UK has a free trade deal with the EU resulting in record exports to the EU. The eurozone is heading for recession dragged down by the sick man of Europe Germany. The UK economy has matched the rise in Germany and France economy since 2016 and recently overtook France to become a bigger manufacturing economy.
@SquirtleAviation for centuries before the Irish were colonised by the British, the Irish raided and enslaved Britain's shores for centuries, pillaging and enslaving English and Welsh people. The Irish patron St Patrick was a native Briton enslaved by the Irish. The Scots are an Irish tribe that invaded and colonised the native picts. They wiped out an entire language and culture called "pictish" It wasn't the English or British that colonised Ireland it was the Normans who had colonised England at the same time as Ireland was colonised by them. Learn some history, mate.
@@Englishman_and_mountainsyou gotta understand history Celtic was a Nordic tribe that invaded Ireland Scotland wales and parts of England then the kingdom of England was formed and annexed Ireland and ruled them until 1921
@@AS-mw6pw There are very few anti Irish and those few that are anti Irish are confined to right wing British nationalism in Northern Ireland and Britain, if you have information to the contrary please do enlighten us!, I will be waiting.
Simple example, i started a masters in university last month here in Ireland. The €7,000 course cost me €700 with the rest paid for by the state and the EU. Does the UK have similar options for its people?
I'm Irish and have lived in Edinburgh since 1994. Prior to that lived in London for 5 years. My daughter is a university student in Glasgow and the Scottish government pay all the tuition fees for undergraduate students attending Scottish universities who are resident in Scotland prior to starting their course. Students from the rest of the UK pay anything up to £9,000 fees each year. It's a 5 year course.
@@roseanne9986 yet Northern Ireland is still part of the UK . We voted as the UK not as individual countries or whatever. If at some point Northern Ireland votes to join Ireland as one nation then that's up to them. It's called democracy, something sado remoaner rejoiners can't understand are still whine .
@@lloydnaylor6113 It won’t be part of the UK for much longer. Politicians from different backgrounds are touring around Ireland talking about the benefits of a United Ireland. A border poll will be called soon.
As some who lives in the U.K. but from Ireland I cross the pond every 4months. Irish see GDP as a farce, you can con the rest of the world with that, I think it’s GPI Irish people prefer to look at, the actual wage not the tax haven crap. Ireland also has the youngest population in Europe 35yrs as appose to U.K. 50 something it’s on the ONS. Every time I go back Ireland is building and developing infrastructure,with a population growth of 30% over the last 2 decades and expected to grow another 35-38% in the next 2decades. English mentality is old, looking to put money back into the pocket, savers really, which is pulling back the economy. Personally I think it going to be a very bumpy road for the U.K. in the next 15-20yrs. But Ireland need to come up with more than been a tax haven cos if they pull out we’re screwed, I have heard that Ireland is trying to grow its manufacturing sector, believe it’s doing well.
Ireland is the worst tax haven in the world as corporate tax take was €22.6 billion in 2022 & there are over 300,000 people in High paying jobs in the multinational sector in Ireland. Stop listening to your British friends lies, the city of London has 0% tax rate
You mean Gross Domestic Income? GDI is calculated by the UK government once per year. And the Irish government do use GDP as a measure of economic activity, because that allows International comparisons of growth by sector. You can find that data in the World Bank and IMF online databases, because governments including Eire submit them. The EU has its own Eurostat service, to which Eire also submits data, which in turn is submitted to the World Bank and IMF for the bloc as a whole.
Cost of living in Ireland is much higher than the UK overall & there's a much worse housing crisis going on. I wouldn't say things are all that rosie in Ireland when compared to the UK
@@Lando-kx6so Ireland is richer than the uk and other backward countries so of course there is a higher cost of living and 25,000 free houses were giving out in 2021/22 in Ireland, so many given away that in fact 5,000 were refused undergrounds as stupid as it was too close to ex-partner or there was no parking.
Yep, you only need to look at wealth per adult or by household by county , and Ireland ranks lower than the US,UK,Aus,NZ,Canada etc, which indicates although Ireland has a very high GDP its wealth distribution is poor and most of the wealth is not flowing through to the average citizen. We know why this is of course Ireland is a tax haven.
Ireland is not an attractive place for young people because of the insane rent but I guess the UK isn't much better in that department. If there was more affordable housing then Ireland would be one of the best places to live in.
Disastrously his mass immigration will be the downfall of both Ireland and England, both legal and illegal. Partly due to millions of Irish leaving their own country of course.
Here is the problem, like many developed countries the UK has an ageing population, if you significantly reduced population intake today the population will start to decline as the birth rate is way under the 2.1 per women required to maintain a stable population (government income $$). The UK would not be able to financially handle the next 20 years as many millions go into retirement. There is zero choice, high immigration is the "least worst" option.
Xenophobic rubbish. Ireland needs people and countries that welcome migrants are the ones that flourish and thrive. Stop believing British media who label asylum seekers as illegal migrants whilst offering no legal safe route. Declaring asylum in a country is not illegal.
Ireland’s issues stem from the fact that its system of government is far too centralised: th-cam.com/video/KU1uPtGAY-A/w-d-xo.htmlsi=3lyGAPFOFBHN7fKu Ireland should have a Federal system along the lines of Canada, but with the 4 provinces and Dublin being the states, as opposed to the counties. Many counties are larger and more sparsely populated than swiss cantons for example. Counties should be more autonomous with regards to their existing functions. Also, town councils and local Mayors should be restored to give local communities back their autonomy
The DUP would rather be the eternal top dog in a substandard kennel than be a partner in a well-off Nation. Republicanism would not be an issue because many of American and Irish Repubilcans were originally Protestants. Their big fear is a state of perpetual denial of access to government power in any unitary all island State, a denial of power they have visited on the Catholic, nationalist people of Northern Ireland from 1922 to 1998. You see this in the current refusal by the DUP to participate in the Northern Ireland Assembly which is crippling NI and its ability to legislate for all its people.
If you ever have been to Ireland then you will know how poor NI will be if it ever would be funded by Dublin instead of UK. And cost of living would triple there as you will play irish prices on everything. Theres a reason why the irish cross into NI to go to ASDA
GB would be better off without NI, it costs the British taxpayer billions a year and about half of the population don't even want to be part of the UK!
There's also a reason the nordies drive over the border to buy fuel and head down south to Fallon & Byrne for A5 Wagyu or Aldi for 79c veggies. People go where there is a bargain and for something different. The Irish in the south have more money and savings at the end of the day and have the choice on how they spend it.
@@voice.of.reason "If you ever have been to Ireland then you will know how poor NI will be if it ever would be funded by Dublin instead of UK"? It is obvious that you have never been to Ireland in the last forty or fifty years.... Crossing the nonexistent border between Ireland and Northern Ireland(NI) is noticeable only because of messages from mobile phon companies and the sudden drop in road noise as you enter Ireland from NI. It was the case, fifty years ago, that the opposite was the case. Back in reality, a location absent from your GPS, the Irish state had an income last year, from taxes, dividends, rents, etc, of around €90 BILLION. There is, over the next four or five yers, an anticipated SURPLUS in Corporation Tax of up to €65 BILLION. That is in addition to the increased tax take as the economy continues to grow.... Irish unification would have lots of issues, but paying for it? No real problem at all. NI is POOR NOW. Official British statistics show that NI is the second poorest region in the UK. The average Irish person is far better off than their NI counterpart. Unification would, inevitably, make them much better off. All available research indicates that Irish unification would result in a €25-35 BILLION dividend after 12-15 years, with most of that going to the people who currently reside in NI.
UK has higher levels of consumption but the Irish have a higher savings rate. Difficult to know why this is - I think because there's higher home ownership in Ireland, maybe it creates a savings culture. But higher savings over consumption is universally thought of as a good thing, rather than the negative thing you portray it as in the video.
At some point in the near future the Irish state will grow significantly as it will be reunited with the rest of the Irish nation 🇮🇪 Not by force of armed struggle but by the force of History and the combined Will of all it's citizens North and South
@@jamesmcgarry1229 you get free infrastructure already in place plus factory's 🏭 and a skilled workforce and also a shed load of new tax paying ladies and gentlemen 💶 Everything that Brexit Britain finds that it has lost Ireland will find that it has gained (never so No to winning the lottery!) 🇮🇪
@@jamesmcgarry1229no it would t as the norths economy would be revitalised and modernised and the whole Ireland economy would be be fantastic. This thing about the costs of Northern Ireland is a total myth. .
With national economic policy dominated by the City of London financial services sector, successive UK governments have failed over 30 years to promote the growth of new tech industry. They were not alone, since successive American governments followed a globalist model of growth. Aside from Ireland, China was the key beneficiary. In the new world order that is emerging, Ireland has already established its niche. Recent investment trends show that the global companies will not be leaving, if fact they continue to invest. If the UK had consistently invested in skills, reduced taxes, and incentives, then foreign direct and domestic investment in Northern England and Scotland over the past 30 years would be similar to Ireland. Manufacturing and high tech needs a more proactive approach. The UK’s failure to deliver on high speed rail shows that some radical political changes are needed. In the US, surprisingly, it is President Biden that is transforming American manufacturing in the poor South … not Trump (he made radical promises but only delivered tax cuts for the rich and no infrastructure investment). The UK needs to undertake smart radical reforms and investment. Not a botched attempt like Liz Truss recently made.
Because they have a clear strategy which is sustained over time. They took all the benefits of EU membership and bent them when it suited. The Govt played a leading role to create the framework so private sector can flourish. The UK does the opposite of all of these things. And the people in the majority keep voting for it since 1979.
What a stupid question Conservative party policy has asset stripped the entire country for thirteen years oh and Jacob Rees mogg and the Economic Scrutiny Committee.
Very fair commentary on the irish economy, It’s my belief that the Irish people as a whole are better educated than most countries. By that I mean the value put on education by generations of families has raised the standard among all. I’m not saying the education system is any better than elsewhere, but 99% of students stay in school longer. Education is and has been seen as the best way to improve their prospects for generations. It’s my belief that the class system of nobility (sir this Lady that ) in UK 🇬🇧 has kept a lid the economy.
Yes! Lords,earls,barons,viscounts,sirs,peers,princes,kings and all the rest of the unearned unmerited establishment lead weight anchoring The UK to past faded glories. A 19th century voting system with an unelected House of Horrors(Lords) filled with 900 skivers contributed to the union leaving the worlds biggest trading block next door. I have been back to the UK 8 times in the last 20+ years and the biggest growth l saw was in food banks, bookies shops,pawnshops,charity shops and places to let.
I wish Brexit never happened. Ireland and England have so much more in common than we sometimes like to admit. I wish Ireland and England had free trade again. I'm Irish and some of my best, closest friends and co-workers are English. In the interests of both countries, I hope cost of living and other crises go away as soon as possible. The world is a tough place to be these days. unity and friendship is always better than division and isolation.
Ireland prefers to use GNI per capita rather than GDP per capita because it doesn't exaggerate the national wealth. Nevertheless, no matter what method you use, Ireland is much wealthier than the UK. But Ireland is not alone. The Financial Times announced a few months ago that Slovenia will overtake Britain's standard of living in 2024. That's a country that was Communist until the 1990s overtaking Britain. And Poland is in line to be the next Eastern European country to overtake the UK. Yes, Ireland is wealthy and successful but we are also witnessing the impoverishment of Britain.
You are trying to compare tiny economies with the world's 6th largest economy. Ireland has no military to speak of to defend itself and no political party has either the ability or the will to do anything about Ireland's housing crisis. Slovenia is another small country economically. Little economies don't scale up to become big ones - the UK should know as it has been a leading world trading country for the last 250 years. That wealth is set in the fabric of the country. As for high skills Ireland and Slovenia are both well outside the top 20 of year's World Intellectual Property rankings. The UK as usual was just behind the US ( with 1/6 th of the US's population. ). The UK does science better than most. The failings in the UK economy have been down to failings in its engineering education system and lack of interest of young people in engineering and that is down to better paid jobs in other employment sectors.. The UK could sink to the levels of Ireland and Slovenia over the next five to ten years but it may not happen. It is within the power of UK governments to change things and those shouting how poor things are in the UK may be shouting a bit too early.
@@we-are-electric1445 The fact that the UK is the 6th biggest economy in the world is supremely irrelevant. That's just down to it's large population. You have to measure it per capita if you're measuring wealth. And the days of Britain being a wealthy country are over. It's probably silly to compare Britain with Ireland. The newly isolationist Britain can't possibly hope to match Irish living standards. The best that the next government can do is to stop British living standards falling behind even more of those Eastern European countries.
@@gcullen104 By your argument the US is a poor country. I think by the time Russia has finished many European countries will be communist again. Many European countries have been propped up by Germany - a state of affairs which is changing. More innovation comes out of the UK than every other country bar the US - that is the reason the the large GDP.. Ireland and Slovenia are small players economically - that is unlikely to change any time soon.
@@we-are-electric1445 Actually, by your argument China would be one of the richest countries in the world and most Chinese people live in poverty. I fear you're just trying to convince yourself that Britain is doing okay so, naturally, you'll refuse to listen to reason. And your point about innovation is laughable nonsense. Brexit has turned Britain into an isolationist country. Innovation is not welcome in isolationist countries. We are witnessing the impoverishment of Britain, even if you refuse see it.
Sure alone they’re small players but together as part of the European Union we dwarf the U.K. economy by 500%. Takes one drive through England to know what the country is about, boarded up shops, closed high streets, food banks and alcoholics living for the weekend. Only south east England is alive and well, the rest is rotting away. Places like Stoke,Bolton,Blackpool,Liverpool once great but now just cesspits of poverty.
I think one major reason is we started off as a poor country and tried to be a socialist completely self sufficient and remained poor. In 80's, 90's and post financial crises Ireland has always looked outwards for investment both in financial companies and tech because we simply did not have the capital ourselves. Being connected to EU and US to have access to capital has always been a core part of our policy and for the most part citzens have realised that even with draw backs on giving up some control we mostly benefitted. Both in access to well paid jobs but also for farming and infrastructure. This is changing due to cost of living and housing crises but for last 20 years it has been consistent so as business and economics have become global Irelands economy has been well placed. In contrast UK being a colonial power and traditionally being one of the biggest economies in the world it hasn't really adjusted to the new world. Even now as we see that there is USA, China, India currently or becoming economic super powers UK has went for isolation. On top of this Torys and Labor now outside of EU have lacked any real vision. Corbyn was so disliked he gave huge majority to a disfunctional conservative party. So many different leaders and so many different visions. Theresa May soft Brexit, Boris hard Brexit, Boris levelling up by spending, Liz Truss cutting taxes(without plan), Rishi raising taxes and when defecit cut decides to reduce tax a week before Britain officially goes into recession. I hope im wrong because for all our history and disagreements it would be better and safer for Ireland to have a strong and stable neighbour. I do suspect due to Brexit and the fragmentation of Labor and Tories it is going to take a major crises, a lot of pain and a reset before Britain can prosper again 😢
To understand why the UK economy is collapsing before your eyes first examine the main changes taking place, in order 1 - Age demographics, or more simply the number of pensioners which has increased 2 - house prices are outrageous multiples of incomes. As a 20something I paid 35k for an apartment while paid 15k. 3 - immigrants. We’ve allowed circa 8 million people to enter the country largely to do jobs our economically inactive won’t do. I count two scumbag uncles in the later category. Both are fit enough to work and refuse. 3-the city of London’s deregulation killed off Building Societies to ape US mortgage lenders while not putting an equivalent of Fannie Mae in place. (which was never 0:10 an option for us anyway) 4 - the corruption of our education system from Primaries to PhD and vocational qualification. And finally, I sense a fundamental change in British culture which sank to Lows of Russell, Brand, Chris Evans and Allan Carr. Trite, vulgar and narcissistic are not admirable nor are scummy and crass. Walk around my home town Colchester and see what I mean. If the Conservatives keep ‘triple lock’ then the young should riot like they did when Thatcher imposed the Poll Tax. What this country needs is obvious and it isn’t more greedy and entitled pensioners living in 400,000 to 4,000,000 pound houses in the south. Sheer Orwellian piggery. And that readers is why the BOE refused to increase base rates despite them being 1.5 % lower than inflation. They are protecting home owners at the expense of the young. It stinks and I for one tell all of my nephews and nieces to leave the UK for the USA (inflation 3.7% base rate 5.5) or Oz. The elderly can then rot in hospital beds looked after by Africans who hate them while explaining to families in Africa how to get to the Uk.
Ooos one whopper was missed out - can you all recall the greatest source of self harm in the history of the UK. One that suited the likes of Reece-Mogg and Michael Fabricant - those Fine examples of the British male.
Reyepothication I would have thought an Irish person would have understood self determination and getting off the runaway train that is the EU. ( hi by the way I’m from one of the founding 6). As for immigration, great but it what type of Ireland will it be ??
I visited Ireland often as a child, it made no sense that Ireland was as poor as it then was, it had been independent for 80 years, blaming Britain was a poor excuse. Now, I am puzzled by Ireland, why is food so expensive, when they are a net exporter. Why is there a housing shortage when they have a small population in a relatively large country. They could build vast numbers of houses and have very little impact on the rural economy.
Modern Irish workers do not want to work on the buildings like their fathers and grandfathers did. The often unmentioned truth is that in former times houses were built on the backs of a vast uneducated workforce with little or no choices. Methods of building did not employ automation or mechanisation to any great degree. Because of their acquired skills these underpaid building workers were often able to self build their own houses relatively cheaply so that the pressure to house them by publically funded programs was not as needed as it is now, Today this has all changed. House building now uses huge amounts of energy and materials which also use a huge amount of energy in their manufacture. Energy has gotten very expensive. Land is scarcer and people are more defensive in opposing planning applications and attempts to build more houses. Irish prefer to live in one-off houses far from neighbours and the potential problems with noise, nuisance and anti social behaviours which are perceived to occur in dense housing patterns common in other countries. We do not like apartments or flats. Modern house building has become burdened with extra requirements regarding insulation, heating and build quality and inspection that did not exist 2 decades ago. These requirements greatly increase the costs of new housing. Imposing these middle class values on a mostly working class population means that many people are living in tents or on the street because of the lack of houses and long waiting lists for available houses. Existing local authority housing tenants do not have the same protections that private tenants have and often live in substandard, damp and mouldy houses because of this. Instead of unemployment housing is now the number one problem in Ireland.
We have a governmnet of FF FG since the establesment of the state only interested in making rich people richer they scraped a governmnent building programme that build for the most part cheap affortable good quality housing for rent or purchase, I know see on the market for up to half a million to 1 million and let new builds been bough up by Canidian pension voulchers buying vast amount of housing to sell at exobiarant pricesl
You’re right everything is so expensive in this country for what idk?? There’s people with no electric or heating and where’s all that money??? Ireland is full of robbers and in nice suits.. it’s gone to the dogs.
Great post i think local council's are great at telling private landlords who have tenants through them what to do but not great at looking after their own ones @@jgdooley2003
In 2015, Irish GDP, which grew by 8% in 2014 & it was due to have the same growth in 2015 even before Apple's asset move, so Apple moving non financial IP assets of €50 billion increased the GDP by 18% on a GDP of €270 billion but the City of London has lost about £1 trillion in financial assets since Brexit, how doesn't this effect UK's GDP. I think it is the UK that is making false claims.
@@patricksweeney5308 Ireland is doing well, €8 billion in a tax surplus in 2022 and an estimate of €10 billion in a tax surplus this year, that is definitely doing very well, even taking out the effects of the multinational sector, the Irish domestic economy grew by 2.5% in 2022 and with an on-target domestic growth of 5.8% this year, much better than all European countries even those with oil/gas resources. The housing crisis is in fact a shortage of labour in the construction sector and a major problem with relation to the planning permission process. The cost of living is related to income both are high in Ireland. Over 300,000 thousand people or 12.5% of labour force are employed in the Multinational Sector.
"Lies, Damn Lies, & Open mouthed English (imported) politicians ! Since CAMERON (maybe even before) HM Government has dug itself ever deeper into the well of lie after lie, after lie. In the House, these shysters address each other as "My Honourable Friend"! Now, I ask you, what could be further from the truth ? Perhaps if they were to call each other "my fellow B/S****er", would be far nearer the truth !
@@Olliebobalong what is? That the Uk lost trillions of assets that doesn't show in their GDP figures or that Ireland's the uk's 4th largest export market...
Because hardly anything has left London a trillion in financial assets for the city is a drop in the ocean. Plus most of it hasn’t actually left there are a few post box offices here and there but jobs didn’t leave either as it was predicted it would.
The G.D.P in Spain is very high ! , we have refugees here that work hard , soon in the bumper olive harvest & later citrus fruit my steel scrapman will bring oranges 5 kil 2:22 , for one Euro , , in Valencian they use a tree shaker , help yourself ! No worry fot the veg shops , must get the juicer ready !
Ireland is weird for me, it is often spoken of as one of the best success stories in economics. But for the people on the ground Ireland is mostly high cost of living despite low population density. Look at dublin and you see the same problems as London or SF in the states. Mismanagement of the housing sector in particular by the corrupt establishment to enrich the few leaches at the cost of the many people, however I do hope that every country rip off the shackles of their politicians
Ireland suffers the same issues that all developed nations have...nothing more nothing less, I recently watched a TV documentary on the economies and difficulties in the Netherlands and Belgium and it was almost a mirror image of a similar program I saw about the Ireland a few weeks before. The German news channel DW provides excellent insight into how various economies and countries get by.
What are pointing out is the failure of capitalism in the western world. It is not down to Ireland alone. It will only change when you vote for parties that will make the system more people friendly. Would you be ready for that?
@@raymonddixon7603 The present globalised economy has brought a very significant amount of the global population out of abject poverty, for sure it has not benefited all equally but what is the alternative?, the 20th century was period of experimental economic systems that mostly failed and left the world with the present system, no one has yet proposed a pragmatic solution to the way the global economy is structured other than a lot of people making a lot of noise.
On paper, Ireland’s economy looks solid. In reality, it’s citizens are, in average, not proportionally wealthy , and the country faces the same problems other rich western European countries suffer. This “prosperity” has been driven by the huge amount of international companies, including U.S. companies , racing to the bottom and taking advantage of the country’s very low corporate taxes. A slow-bursting bubble, in my opinion.
Ireland isn’t a tax friendly country though and I’ll explain but first id like to address GDP which isn’t that accurate for the country as big companies like Facebook, Google use Ireland for its favourable IP protection and IP corporate tax deduction from 12.5% to just 6.25% the issue comes when you try to take the money out of the country or try to take the money as a salary you have exit taxes to navigate around and 40% income tax plus other expenses. Let’s take £120k for example after tax you are left with £71,428 which is about 40.48% with the exchange rate to equal £120k is approx 143,344.80€ after tax etc… you are left with 60,876.19€ with an effective rate of 57.52% its 17.04% higher in Ireland than it is in the UK.
due to multinationals distorting Irish GDP. GNI per Capita is a better comparison. USA ( $70,480 ), UK ( $49,420 ), Ireland ( $79,370 ), Germany ( $59,630 ), Norway ( $82,840 ) France ( $51,660).
Very informed assessment of Irish economy which does well well from the US investment multinationals and of course their EU membership aided by a rather good education system - Ireland certainly is not without problems as the younger people are getting walloped by super inflated housing rents and the extreme lack of affordable housing - If I was governing Ireland then then I'd make that my number one priority to resolve - Ironically they actually have the cash in surplus budgets to deal with the problem.
Ireland has similar problems with high rental costs, due to low accom supply and the HSE health service is no better than the NHS. Benefits and pension is better though.
Ordinary Irish people with moderate education do not feel the effects of prosperity as much as their well-educated countrymen. The key difference is the ability of Irish people to access education and advancement if they can avoid the everpresent dangers of drug and alcohol abuse or wasting money on things like gambling or frequent travel. One stat is that 15% of Irish people are functionally illiterate, in a nation that is supposed to be a "knowledge economy". These people are not prosperous. The property split is well documented. The driving factor in emigration is the desire to make low tax money abroad to buy a house at home.
The HSE is ten times worse than the NHS, and as someone who has to use both I can assure you that the Irish system is grossly underfunded and overwhelmed! Especially as the immigration problem gets bigger day on day!
@@lcoconstruction2660 The NHS waiting times in Northern Ireland are twice as long as in the Republic (you can go to Fact check NI for that) Health outcomes are generally better overall in the Republic also...flip side is you have to pay for certain things unless you have a medical card. Swings and roundabouts. It's not a competition though, both have issues and are facing major bottlenecks and a lack of GPs and specialists, that is a worldwide issue, not just the UK and Ireland. They should be working together more closely and sharing resources. That would be better for everyone.
@@yermanoffthetelly The big difference is that the NHS is free and has way more resources! The ordinary people of Ireland are being shafted by Doctors and Chemists!
@@lcoconstruction2660 Nothing is free. It's paid for in taxation and you pay less income tax in the Republic, 16%-23% less for most incomes. And it still doesn't change the fact that the waiting times are twice as long with worse outcomes!
Because Ireland's successful relation within the EU ended centuries of colonial exploitation by the UK. Ireland's future is in the EU, unlike the UK that decided to become a third country and rot in solitude.
I propose that Ireland rename the country to Great Ireland in order to attract even more international publicity. Hope it can quadruple its economic output even further, just to put the rotting UK tory party firmly in the pages of failure forever.
Imagine surpass a former Empire without having to colonized or slaved others! actually had been a colony of that empire! Happy for Ireland. Saludos from Mexico! We also surpassed our former colonizer and also without colonizing !
It's true that GDP statistics are misleading in the case of Ireland, but as the video progresses, we look into why it is more than GDP, and also average wages starting to exceed UK wages. If you enjoyed this video, so consider subscribing for more similar videos. th-cam.com/users/economicshelp1
Pay has been stagnant but cost of living has not. We are poorer than we were 10 years ago. Ireland is fake rich and we are trying very hard to become like the UK. Our government wants more poor people here. They have threatened us and said that they will ban all house building if borders are not open.
Average wages may be higher but the cost of living erodes any advantage. Ireland is a poor country - just look at the Eurostat figures
@@CM73878 Can you point out those Euro stat figures? I can't find them.
@@taintabird23because the U.K. is no longer part of the EU it’s necessary to read the Eurostat figures in conjunction with the ONS report here www.ons.gov.uk/economy/inflationandpriceindices/articles/actualindividualconsumptionperheadintheuk/2020 - this show UK AIC to be 13% higher than the EU average and Ireland to be 12% below
@@taintabird23 Those stats only exist in the minds of the anti Irish in the UK who cannot come to terms with the fact that the average "paddy" is now far more wealth and better paid than the average "brit".
Im irish and have lived in the UK as well as ireland. While GDP in ireland is nonsense the real skills and capital being imported into the country via hyper competitive multinationals is the real long term play. The skills clusters are leading to the formation of domestic expertise in financial services, tech and pharmaceuticals.
I grew up in rural ireland milking cows and now I am a highly skilled software engineer, my siblings are in pharmaceutical regulation, customer success in tech and marketting. The average productivity of an irish worker is much higher than a UK worker due to the majority of irish people being exposed to / working in high productivity industries. The only truly competitive part of the UK is London with the remainder being a huge rump state with some of the lowest living standards in the west.
Having lived in the UK it feels "poor and tired" with the exception of the SE and Bristol. The productivity issues are very real with so many people working in low paying dead end and low skilled roles, these jobs exist in Ireland but theyre not as omnipresent as in the UK.
Class mobility is still very real in Ireland as well which greatly helps with the meritocratic process. The UK is still dealing with the vestiges of its aristocracy and its leadership class leaves a lot to be desired.
Overall I think Ireland will continue to outperform the UK into the future but will face a reckoning when multinationals step back. The domestic companies will have to step up and be globally competitive.
Thanks. Interesting insight.
Excellent analysis
Spot on thoughts
The multinationals that are in Ireland have invested and continue to invest vast sums in their Irish facilities and for the most part all the manufacturing and other operations that happen in these places are at the highest level of sophistication, while Irish educational institutions churn out highly educated and motivated individuals and Ireland retains a business friendly environment these multinationals will remain.
Irish companies always have and continue to be globally competitive so suggesting they need to step up shows respectfully you have a rather naive view of Irish domestic and international commercial activity.
@fitzstv8506 Having worked for domestic startups, I can say that our doemstic tech industry and surrounding investment climate is nowhere near as good as it could be. The talent of the individuals involved is quite high, but the ambition is limited. Irish companies are starved of capital because of a weak investment sector within the country, so need to seek capital from abroad, the ambition is just to be acquired by a US multinational or get contracts with 4-5 large multinationals and just serve those customers.
This is doubly true for capital-intensive industries like green tech and pharmaceuticals. We have the people to build domestic champions in these industries but not the capital or state support. The IDA is geared towards pulling in foreign direct investment in the form of a multinational presence but when it comes to building irish companies serving the irish market / European market the state doesn't put its money where its mouth is.
It's very frustrating working with startups from other countries with much less efficient businesses / bananas ideas but they have access to so much capital and implicit state support that people feel comfortable taking these big risks on building something whereas in ireland the clear and obvious path as a skilled worker is to just work for multinationals and not get involved with domestic startups.
This is all based on my experience working in Dublin for the last 10 years, but you may have seen something different.
Not having the Tory government probably helps.
Ireland has similar problems to England regarding the likes of housing or cost of living though. Nice political jab though
I’m glad you pointed that out. People use videos like these ( which I think are inaccurate) to make partisan comments of blame.
Would Corbyn have been better? Politics in the UK is utterly broken.
Not having Labour block voter Muslims and Blacks, help even more.
@@mn5499calling it a partisan comment is a partisan comment though. It is the only western government which chose to erect trade barriers with its largest neighbours. World leading😂
Being colonised rather than a coloniser has given us a kinder world view. I have worked with many fabulous people from the UK but there is a small but significant percentage of people from there who have either a feeling of superiority towards other countries or downright racism. The British Empire was achieved on the blood sweat and tears of the ordinary people in countries like Ireland, India etc. Genocides have been dismissed or glossed over. But Irish people have been welcomed in almost in every country in the world, we work hard, are fun, sing songs. Check out Irish football fans abroad. Perhaps it's an international charm offensive.
Nick Clegg expressed this feature among many countrymen very many years ago like this - "..a misplaced sense of superiority, sustained by delusions of grandeur and a tenacious obsession with the last war,..".
In fact you find the reason to brexit in that one sentence.
Nonsense .. lived in London for 7 years never once experienced that .. I experienced racism first hand just not from the English
@@dendradwar9464 London has to be one of the most cosmopolitan cities in the world and doesn't reflect the rest of England.
@@DougieBegg Was there in 1997 to 2003 .. London was English then .. so I stand by my comments .. complete garbage re racism and colonialism .. and I am not English ...
Turning up everywhere with them already speaking English prob helped?
Superb. The most accurate description of Ireland's economy I have seen on TH-cam.
Hardly ever met a rich Irish person. Over last year,they couldn’t believe the car I had,watch you don’t get it stolen was the quote. I earn at least double of my equilibrium comrade’s, total bollocks.
@@brianquinn6014: You’re not mixing in the right circles so…
What countries are in the G7?
The Group of Seven (G7) is an informal grouping of seven of the world's advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States
@@brianquinn6014 not an industrial country, its not in the G12 even
@@josephocallaghan3000 : That’s old news from the distant past…
Thanks for your analysis, but you have missed a very important point: Ireland is the safest English speaking country in the World. FDI doesn’t just come in because tax rates are low, French rates are similar to Ireland’s, but companies still invest in Ireland because of the stability. Irish property prices are high because so many people want to live in Ireland, demand currently far outstrips supply. It’s a price many people are willing to pay for safety and stability.
A+
Was
Nobody cares about crime rates as long as there are no cartels like in Latin America. The French don't speak English. The big "multinational" companies are American and they speak English.
If Mexicans spoke English and got their cartels under control all the "multinationals" would relocate there.
And those Irish who not willing to pay higher, unaffordable housing prices should just leave?
safest English speaking country? have you forgotten New Zealand?
Left Ireland in 1989 for London and relocated to Edinburgh in 1994. Back then Ireland was a stagnant economy with few opportunities for twenty somethings. There's no doubt the economy and country has been transformed in the intervening period and the country is unrecognisable from the one I left. Despite that it's not an attractive proposition for me to move back. Housing costs are exceptional by European standards. Gross income per capita might be higher than the UK but taking into account the high cost of living it's debatable whether people are any better off.
I disagree housing in Dublin is not materially different than a French Dutch or German city of similar size and economic development.
@@thesaintirl
We're not just talking Dublin. We're talking about the whole country (26 counties?) Housing costs are exceptional by European standards. I understand the population has swelled considerably since I lived in Ireland in the 1980's. Back then the population of ROI was roughly 3.5m. You will be more informed than me now but based on the latest census believe it's closer to 5m?????. So it's a supply and demand issue ?
The education and health care systems are markedly better than the UK. My daughter learned modern languages from when she started primary school aged six and now speaks four languages. it opens up new worlds for her that are not available in countries like the UK. The UN deemed Ireland to have the second highest standard of living in the world while the UK does not make top 30. I live in Northern Ireland , and it is fifty years behind Ireland.
Not true, there was a house viewing in Dublin that had 100 people turn up and que for one house. 11,000 homeless in Dublin alone.
@@Knowledgejoy-mm2jt
Don't know when that UN report about standard of living was but it doesn't seem appropriate in 2023. See comment after yours. Btw I would concede Irish education system is better than the UK. My daughter went through the Scottish system and I wasn't impressed. The Irish health system I can't comment because I don't know anything about it. Pay as you go I think.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
I agree with you. Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.
Fisheries are a TINY part of Ireland’s economy.
Irish agricultural trade with the EU is larger than the UK’s declining share.
Overall, agriculture is a very small part of our economy, around 3-4% depending on who’s compiling the stats..
The UK is a declining, basically marginal, export destination for Ireland.
The EU takes about 40%, while the USA accounts for just under 30%.
Ireland invests, big time, in education and training.
The trajectory is upwards in Ireland, as opposed to the UK
That's a lie. The UK accounts for 40% of all Irish agri exports.
@@nostromo2244 I think you misunderstood. Irish agri exports is 3-4% of the Irish economy of which 40% of Irish agri exports go to the UK.
@@nostromo2244
It would probably help if you tried reading what I ACTUALLY wrote, as opposed to what you think I wrote....
The reality is that the EU, overall, takes a larger share of Irish agricultural exports than the UK does.
@@nostromo2244Yes, and Agri & Dairy are 4% of the total Irish economy.
I've experienced Ireland and the picture you paint is incorrect, outside Dublin it is a backwards looking hard to do business place. Irish banks are awful, the personal taxes horrendous and everything is so expensive, food, cars, housing. God they even make you pay stamp duty on your credit card €30 a year
Thank you for a very informative and insightful video. The question regarding the Surplus must not be squandered by the Irish Government. We need to improve housing due to our growing population, but also to hang onto our skilled labor force and attract other skilled labor in view of the depopulation trend that has already begun! Perhaps more Brits can find employment in Ireland. Either way, we all face an ever changing world that is becoming more difficult to navigate. Have just subscribed to your channel! Keep up the great work! We will all have to monitor our Politicians and Government institutions so that they serve the people and not the few! ~ Pax 🕊️
What do you think of the wealth fund announced in the budget?
The “growing population”? But Varadkar wants another10,000 immigrants.
Ireland is effectively a tax haven and that is the very temporary reason they prosper but while the EU is collapsing its moving in to remove this advantage.
@@ChilavertishAn announcement is one thing, the actual doing is another! We live in an ever changing world.
@@At_the_races Not overly fond of Varadkar. Diversity is key to Ireland 's economic growth. We are an island. Time to consolidate where we are now and review.
We Irish currently enjoy a reasonably prosperous life with a rule of law that many others do not have access to!
We have also paid and gained this privilege by those who have gone ahead! Let's not forget the cost. We the Irish have been the itinerant emigrant for a few centuries.
However, some discernment and saying NO to Brussels now and again needs to be invoked.
All politicians need to be monitored. ~Pax
Agriculture isnt a big employer in Ireland anymore(4.5% 2022) and dropping rapidly (9% in 2000, 18% in the 80's). Twice as many people are employed in education and its the educated workforce that has attracted the FDI. University education was free in the 80's and now the maximum cost is €3k pa before income related reliefs, hence the Irish economy taking off in the 90's.
I also suspect wealth distribution is more concentrated in the UK which is reflected in the average house price of the respective capitals. Avg London house prices are 40%+ more expensive than Dublin. In % terms of the populations, twice as many are council tenants in the UK.
The personal tax rate is higher in Ireland and starts sooner so its surprising they have higher avg disposable income and savings. A higher tax rate and higher living costs are to be expected with a smaller population because of fixed costs. Distance from market is also an additional cost and a reason the IT market was target for FDI, the internet removes this. This is a different approach than the UK/Brexit has taken. The Irish tax system is very transparent such that the effective corporation tax rate in many European countries is lower due to many more reliefs on the tax due being available.
While personal taxes are higher on paper there is a huge list of tax deductibles that the UK doesn't offer, they tax based on household income which is a game changer when one parent is the bread winner and the other works reduced hours to look after kids.
Education, most of Ireland has a terrible grasp of the English language written and spoken. The tax system is hard to deal with and complicated
@@voice.of.reason Yet 59% of the Irish work force have a 3rd level education when England and Wales are at 42%,
Really? I thought irish ppl were all farmers
The UK government has been terrible for generations now with no sign yet of it improving. Every part of the country outside London has mostly been ignored. We need a decent prime minister
A proper, balanced presentation of the state of the Irish economy, Bravo.
Pish
A good reason for Northern Ireland to rejoin the Republic of Ireland. Together they could make a good future. The housing problem is international and is mainly due to incompetent governments which see housing as an investment and not as a place to live in and a home for families, which are the back bone of any nation.
For everybody complaining about tax havens and distorted GDP, the video really begin at 3:35 where he discusses MEDIAN disposable income, the UK doesn't look very flattering even taking into account living costs.
You can just look up jobs like Aldi and see that they pay more over in Ireland than they do here, someone there starts at the equivalent of £12 an hour and here it's £11.40 and more expensive here.
In other professions the gap would be even bigger.
It has to do with culture, it's accepted in USA, UK and many countries but generally not so much in Northern Europe where equality was a thing from not only modern times but from thousands of years back. People had to stick together and help each others out to survive. A culture like that can not be created overnight.
Tax havens are good. Companies move there preferentially. Don’t complain, compete, ask your local MP to support reducing corporations taxes.
Let’s also get rid of the NHS, Ireland doesn’t have one, we don’t need one either.
@@andrewharris3900It does not matter what you call it, it’s publicly funded health service. Every civilised country has it!
@@andrewharris3900 True, if all European countries has a frugal and fair taxation Ireland would not be able to benefit like they do.
Really informative video!!
Thanks!
There's loads of Brits moving to Ireland. Second largest migrant group..........things must be shit in the UK.
Good job man!!
Solid analysis. Im in the US, but visit IRL.and the UK often. IRL has to tackle its housing situation, which is 100% political. In truth, the country is a giant farm, with tons of land available for housing, if only.....!
The UK is suffering from a political issue as well. That is, the influence of the City on.Brexit, with their fear of pending money laundering regulations from.the EU seen as a threat to their lucrative money management businesses, a lot of which is entirely legitimate. But, let's be honest, a fair amount is not, with oligarchs and other undesirables making marquee purchases in London, having an outsized influence on the UK, all enabled by City professionals. In IRL, young ppl.are screwed by the reluctance of the government to improve land supply for housing, but the country as a whole is prospering. In the UK, the City, and more.specifically those that manage unsavory wealth have managed to screw over the entire country, all under the smoke.screen.of sovereignty.
Ireland has an immigration problem. The government is attempting to house anyone who comes there. This is causing political instability. If social welfare, housing, education to beyond 3rd level and health care was not available to immigrants and low wage employers, importing workers were made to pay the actual cost of these employees. There would be no housing shortage but the reverse.
Couldn't agree more - many people in the UK are completely unaware of the influence the City plays in politics and especially Brexit. In this comment section there seems to be an overplay of an "empire mindset" which is not only nonsense, but completely manifested by themselves - I am from Lincolnshire and can count on my right-hand the amount of times I have heard this mindset in person. The actual answer to Ireland's success over the UK largely lies with a smaller population and a country failing to manage deindustrialisation. It's easier to transform your economy if a large amount of it is not struck by managed decline after a prolonged period of deindustrialisation, dragging down the average productivity.
Thank you for such a brilliant answer I'm from ireland and lot on here seem to think that video is gospel Ireland hasn't the same commitments as the uk it doesn't over sea territory to maintain or aircraft carriers to build etc etc @@yournan6546
Easy to compare the difference.s. Eg. Job seekers allowance in Ireland €225 per week. Uk is €120.
Not having idiots in charge helps
Well done Ireland!!!! I'm thinking of moving there from england as I'm fed up with corruption.
LOL I suggest you read and catch up on Irish politics, you will soon see the reality
@@voice.of.reasonAgreed 👍
You will be welcome, but chose where you want to live carefully and understand that finding accommodation will be difficult.
@@voice.of.reason I suggest that YOU read and catch up on Irish politics. The choice between Ireland and the UK is a no-brainer.
me too
Actually it was 2015 that apple made the irish economy gdp jump ...also Ireland has already signed up to 15% tax rate already.. it comes into affect early next year
Would this signing of 15 percent drive off the multinational companies and dry up job opportunities and tech or Pharma sector?
@@ShivaniShivani-d6o no too much heavy investment in Ireland... jumping ship is not a option
GNI per capita, Atlas method (current US$) - Ireland, United Kingdom
GNI per capita, Atlas method (current US$) - Ireland, United Kingdom - World Bank
Ireland = 81,070 USD
UK = 48,890 USD
Eire's economy started growing faster than the UK's in 2013, and the gap in the growth rate has only widened since then.
Criticisms of the Comparison
These statistics don't describe people's everyday experience of the economy.
Aggregate Gross measures don't tell us how much wealth inequality there is in countries. The Gini index - United Kingdom vs Ireland can tell you that.
Gini index - United Kingdom, Ireland 2020 (latest) - World Bank
Ireland = 29.2
UK = 32.6
0 = Perfect Wealth Equality
Both Ireland and the UK suffer from wealth inequality, with the UK being more unequal. At these levels the wealth inequality is significant.
Lived in Germany and London and now back in my home Dublin .
English workers talk too much .
Irish government attracted industry here..
Irish schools better..Germany’s work ethic is unreal. They twice as productive as the British workers..
The brits simple don’t have the work ethic anymore..
Education and hard work is the answer to the question in the title with EU membership and a Business friendly environment as an added bonus.
For sure ,we’ll done !
Being made a tax haven also helps
@@Englishman_and_mountains Ireland is not a tax haven and never has been. Do not confuse Ireland's clear and transparent industrial and commercial policies with tax havens such as the London, Switzerland, Singapore and the Caribbean. Ireland does operate a very business friendly environment which is in no way illegal and nothing prevents other countries adopting Ireland's business model indeed many do.
The Irish economy remains in consistent growth and is predicted to continue this way as far in to the future as these metrics can predict. Hard work, education, excellent productivity, EU membership and a business friendly environment are responsible for Ireland's economic success.
In relative terms the Irish economy surpassed the UK's in the latter part of the last century and it continues to leave the UK economy in the shadows.
Ireland certainly has it's problems but they are no more pronounced than any other modern sophisticated economy.
@fitzstv8506 Yeah, mate, I'm not here for a knob size competition. Ireland was made business friendly because of the EU. Although hard work and the rest of what you said obviously has something to do with it doesn't mean that's the reason the UK economy is not doing as well. You couldn't have done it by yourself out of the EU. The EU made and then used you as poster boy with low taxes for businesses. The same would have happened with any other country.
@@fitzstv8506 do businesses not go to Ireland because of low taxes?
Just to put some things in perspective for Ireland.
1. Agriculture represents 1.2% of GDP compared with 0.7% for the UK, pretty trivial overall.
2. Despite endless talk about low Corporation Taxes, the Irish Government gets a far greater proportion of revenue from it than the UK, 17.1% compared with 7.9%.
3. Manufacturing represents 34.6% of Ireland's GDP compared with 18.9% for Germany and 8.8% for the UK.
It is a Manufacturing, not Agricultural country doing very nicely from Corporation Tax.
This is sooo on the money... Pure facts, love it! You sir have earned a sub🙏
I do notice a lot of Brexit refugees moving to Ireland
No that's refugees from your mates in the EU, which you'll have to accept your quota 🤣
@@lloydnaylor6113 and grateful to have them
@@John316OBrian-cm4fjany chance of having your pikeys back too ?
@dickdastardly1085 their your pikeys now ,we owed ye that one ,ye sent us your protestant planters we send ye our pikeys in a way its poetic some say pikeys are descendents of the people who lost their land during the Great Hunger and maybe even the plantation of ulster or laois and offaly.
@@John316OBrian-cm4fj fair play thats me told 🙂
Mass immigration and a housing crisis in Ireland 🇮🇪
Those are both linked to a prosperous country.
Blame the government for not building enough houses for everyone.
@@joekavanagh7171The corrupt Irish government won't build houses for the people so their own properties keep going up in value and also massive rental income can be extorted from the workers and students who can't afford to buy.
@@joekavanagh7171 Blame the Government for committing treason for opening the borders for mass invasion
Give it time and those 2 will really begin to show cause effect.
Love Ireland 💚🤍🧡💚🤍🧡💚🤍🧡💚🤍🧡💚🤍🧡🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸
What a lot of people don’t see if that the huge change actually began in the 1970’s when the Irish government began investigating hugely in education, resulting in a society where just about every single young person completes their education. Two huge benefits to foreign investment (besides from the obvious ones) is that involvement in technology has lead to a strong local start-up culture (using skills acquired in international companies) and the soft power of so many Irish people taking lead roles in technology in the USA (Irish people doing well in Ireland and being asked to do stints in the USA). There are a good few British citizens working in tech in Ireland (who are welcomed BTW) but most migrants from Britain are arriving to work in the health service and construction.
I am a child of the EU era. Educated moderately well in publically funded national and secondary schools. EU funded 3rd level education and training in a 3rd level technical college and in a US funded factory in my home town.
Further work and training in another US funded factory on Irelands East Coast.
Any idea of exit from the EU would be madness to my mind and to many of my generation because Ireland has done well both from EU membership and close cultural, social and economic ties to both the US and the UK.
Eu membership allowed Ireland to greatly expand and improve its road network and increase its ability to grow and improve its economy.
If Ireland was not in the EU I would probably have to emigrate to the UK or live a precarious existence as an illegal in the US.
@@jgdooley2003 That’s a good summary. EU membership was the key change. Lots of factors were put in place previously by a minority of brave politicians who confronted protectionism. So while the EU was the lynchpin we we’re able to take advantage of it with our good education. Ireland went pretty rapidly from net beneficiary to net contributor which is amazing. Low corporate tax alone would not attract so many multinationals to a small country, the locals have to be skilled enough to make it a success. Our nearest neighbours lag in education with so many young, working or working poor not completing their secondary education.
Ireland has a similar problem with working poor and high illteracy rates among those people who slipped through the education system to long term unemployment and want. I worked 30 years in electronics repair. if I scrapped as much items as the education system scraps people I would be fired. What is needed urgently is a quality and performance control system that steers resources to people with learning problems and makes sure everyone has at least a basic level of education.@@peteymax
Great video. Thank you.
The difference between the UK and Ireland is that even centre right governments cannot get away with what the Tories have done to UK society and economy.
Governments tend to be coalitions which inevitably need to meet in the centre while maintaining a social welfare threshold and a more equitable education system.
However Ireland does face challenges particularly a housing crisis. This housing crisis is not as bad as the UK or USA and some other European countries, but.will probably meam that Sinn Fein will lead the Government after elections to be held within 12 to 15 months
It is also very tempting for government politicians to sit back and imply that " at least we are not as bad as UK." However this does not wash with most of the population particularly since difference between classes is not tolerated much.
The UK had its own challenges and responsibilites and it is not my place to prescribe anything, but my observation is that it is very risky for a country to abandon ssocial welfare thresholds and ignore broad secondary education which pays attention to mathematics social education as well as English , sciences and languages.
The UK has a bigger welfare state (it actually has an NHS), public transport, and better educational standards and outcomes than Ireland...
@@tig3662
Educational standards and outcomes are much higher in Ireland than UK.
Welfare state is bigger because population is 14 times the population of Ireland and infrastructure also has to service that size of population
Social welfare is proportionately much higher in Ireland. However health service is not universal but very highly subsidised for people who do not have free health care. Roughly 40 - 60 percent ratio.
Universal family supports are also much higher in Ireland
Ireland has social problems particularly in Housing and unacceptably low ratio of Public Service employees which negatively affects public services . This small ratio is constantly criticised by business leaders who believe it should not have been let fall to this level, despite a serious labour shortage.
There are other issues which are also left on the he long finger of course.
However if the population of the UK are aware of the social disparities between the two countries hopefully they will expect higher standards from their Governments
Irish people are more interested in their own political and social affairs and have no interest in "one upmanship" with British people.
UK has improved in PISA rankings for education and is the best location in Europe for technology and science... but okay.
@@you-know-who9023 Education in both Ireland and the UK is very similar. To suggest standards are higher in Ireland is ridiculous. England also has a much better vocational system which has been expanded over the past decades. Ireland lacks this.
The UK welfare state is far more larger and generous, plus the NHS is miles better than the Irish healthcare service which is largely a private model. Also, public transport. Ireland is so, so far behind the UK in this regard. It's not down to the size of Ireland. Other smaller countries have better transport connections than Ireland. It's due to the lack of investment and a society more like America. Ireland is far more capitalist than England.
Why worry about fishing and agriculture? They are a negligible part of the GDP and workforce
Getting out from under the jack boot of the British imperlist empire helped
That was 100 years ago. Did the UK not bail you out in 2010? £ 3.25 billion. Get over it.
@alibongomagician8851 I'm pretty sure we bailed ye out during WWII with boatloads of food.......more than ye lot did for us during the Great Hunger of the 1840s. Get over it.
@@Jungleland33they begged for our scraps, and they'll continue begging as Britain's economy is finished
A fair and balanced assessment.!!
You didn't mention education or age of population, which are important factors. Also work ethic is strong in Ireland
1 minute in “dynamic young workforce” 👍
Not the same thing. Generally, the Irish work harder than English. The amount of English guys I worked with over the years who spent 2-3 hours a workday whining or simply just chatting about work! @@wallace-bv4rl
A population that is mobile and may leave if they can’t get housing nd and start families in Ireland….
Your right education is key they leave school at 16 in the uk bigger country get people out working as soon as possible and start paying taxes also work ethic your right to but work ethic is good there or was haven't been back in a very long time but in general most anglo countrys would have a good work ethic but I think there is a sub culture there and here in Ireland that would milk the system dry (benefits) I mean Ireland must pay out a fourtune in benefits but could you imagine what the UK pays out with population of about 80 million
@@MarkConnolly have we even considered if the native population keeps leaving and a foreign population keeps entering what will Ireland be like in 20 years probably very much like the UK?
Love the advice! Thank you sir, you are legend!
My God, there is nothing like the comparison in this video to get the people commenting. The mere mention of UK vs Ireland will have little Irelanders or Englanders racing to point out how superior their country is.
I am not an economist but i have live din both countries and have sometsrong view sabout the decline of the uk 9as i see it ) and the rise of the Republic of Ireland.
There are many excellent points made in what I consider to be a very balanced video. I have many points to make - only the geeks will probably stay with me!
This is the (really overlong) preamble to my comments on the video
The Republic of Ireland mismanaged its economy terribly for the first 65-70 years of its independence as a state. Why? Blinkered, inward, we-ourselves-alone, agriculture-worshipping nationalism. We were not unique in this approach, certainly pre WWII. But after WWII we went backwards, not forwards, forever sending waves of emigrants towards our ex colonial master, the UK. It was only in the 1960s that an intelligent Taoiseach (Prime Minister) along with a highly intelligent senior civil servant had the courage to point out that these policies were impoverishing our state. There was a small economic boom, emigration stopped for little while, and then we blew it again , as many countries did in the late 1970s /80s when Keynesianism seemed to have run out of road (it hadn't, it was just being badly abused in the western world).
In 1987 the Irish government, unions and employers organisations reached a deal that promised industrial peace. The deal was that employees would accept below-inflation wage increases on the promise that once the economy picked up the ordinary Pay-As-You-Earn taxpayer (the regular person , taxed at source) would have their hideously high level of tax decreased (you didn't have to earn much then before you paid a marginal rate of tax at 65% for very little in the way of public services) . From that day forward the economic stats changed radically. Strikes, which had been rampant in response to huge levels of inflation, disappeared very quickly. Every economic stat improved quickly except unemployment, which took about 3 years to really start to move. Once it did it dropped every year for about 10 years and never really went backward, even after 9-11, when the global economy had a recession.
When I had to emigrate to London, fresh out of college in 1987 (thank you UK and London ❤), the unemployment rate was about 17% in the ROI but the huge levels of emigration disguised the real level. Within 13 years Ireland had moved from a country that always had high emigration to one that was now a country of net migration. I moved home in 1997. The Ireland I returned to was a different place - more modern in every way. The Ireland today is simply unrecognisable from even that country.
Have we ended up prostituting ourselves with multinationals. Yes, we have. But to be fair to the politicians who had to make bold decisions back then, we had an educated young population back in the 1980s/90s and no work for them. We were sending highly educated kids abroad to enrich other economies while we couldn't really afford the cost of the educating them in the first place. We had never had an industrial revolution because we were a colony of Britain (I can't go into that here - people will have to read about that elsewhere, sorry!). What was the government to do? They took EU development funds, and to their credit they invested in infrastructure, which helped to build an economy that was attractive to outside investment. Many of the educated young people [coughs] returned to Ireland in the mid-to-late 1990s with the benefits of of a new outlook, having worked in dynamic economies and companies in the UK, the US, and the EU. They brought back vital skills and experiences.
I have digressed (I must apologise to the 2 or 3 people who have read this far).
Key points regarding the video:
The EU has been a huge boon for Ireland - it not only invested money in the county we could never have afforded ourselves to develop our economy, but it opened up our economy hugely - to the point that we are one of the most open economies in the world. A huge contrast form our insular selves pre-EU.
Our population has grown massively in percentage terms in the last 30 years - from 3.5 million people in 1991 to over 5.2 million people today. People in Ireland accept that the immigration that has led to this is one of the factors of our growth and most seem happy enough with it (not all people of course). But if the economy wete to have a huge wobble, for instance if a number of large tax-paying multinational companies left the country, then I imagine the situation would change. I imagine we would have the far right stirring hate , as it has all over the western world . Globalisation has screwed many people - we have been fortunate to have bucked the trend so far.
I'm not sure I accept the commentary about the size of agricultural employment in Ireland - I think this is greatly overstated by vested interests in Ireland, and this is a sector of the economy, as in France and some other EU countries, that is hugely reliant on the Common Agricultural Policy (CAP). I don't necessarily disagree with a form of CAP, especially with global warming racing ahead, but its benefits need to be factored into Irish agriculture, which is not efficient by global standards.
Ireland does indeed have a similar a housing crisis to the UK . These crises are now seen in many capital cities in the Anglo-Saxon sphere (and even the EU) due to the bankrupt 1990's economics of Thatcherism and its allies where the state could do no good and the public housing was sold off to tenants and not replaced. The Irish governments of the last 10 years have had touching faith in the free market to solve the housing crisis. This faith has been badly misplaced. The younger generation in Ireland, as in many other counties, have been royally screwed.
Regarding the advantage Ireland has over the UK in less economic inequality, one reason is that we have a tax system that redistributes wealth more efficiently (you can like that or not, owing to to your philosophical outlook, but I like it). Another reason is that while Dublin has disproportionately benefitted from the economic growth, as capital cities always do, I don't think it dominates the economy in quite the same way that London and the south eat of England does in the UK. And of course we don't have large numbers of expat oligarchs from Russia and the oil states and their billions living in our capital!
My final points (there may be one person left reading at this stage - I am an optimist).
I loved my time living in London. I told all my family and friends back at home (most of my friends were living in London too in fact) that Ireland needed to get over itself , that the English and British in general were actually an extraordinarily tolerant people whom we should attempt to emulate, instead of constantly knocking to make ourselves feel better.
I have been saddened over the years at what has happened in the UK, driven by a revolting media controlled by billionaires who pretend they despise some invented 'elite' and masquerade as the representatives of the people. Brexit was the greatest example of how these populists lie to people about what they can achieve. I suspect that if Ireland were subjected to the savage and unnecessary austerity which happened in the UK under the Conservatives and Liberals (let's not forget the wonderful Nick Clegg, now sad apologist for tech oligarchs and unbounded AI enthusiast), and then equally subjected to ultra right propaganda from a narrowly owned media, that the outcome would not be very different.
But what about Ireland and its "tax haven" reputation. I can't defend that. It's not a simple issue. If the USA was run by politicians who cared about their country most of the profits that are taxed in Ireland would be taxed in the USA. We are gaming the system. I'm not proud of it. But it is a nasty world out there, and maybe our politicians feel they are doing right by their people.
For now we have peace and prosperity. But the way of modern western economies is that the rich get richer and control more of our lives, and the poor get angry. I fear we have just delayed the apocalypse that has been slowly coming to other western countries.
I will stop now and go for lie down.
Bejaney, that was epic.
I'm the same age as you, lived in London etc. Your post is both accurate and fair. My only divergence from you is that I don't apologize for our low corporation tax. I feel lucky I live in a great country, that is safe and prosperous. I constantly feel that our best days are still to come.
It's so strange: The whole Brexshlt thing was about to create a Singapore on the Thames. But Ireland is in fact like Singapore because it is in the EU and the UK is now like Malaysia...
You got it.
Are you still crying over brexit 🤣🤣
@@rogermellie8068 Did those Brits get around WW2 in the meantime?
@peterebel7899 what on earth are you talking about?
@@rogermellie8068 I live on a winning side of Brexsh*t, mate! 🤣🤣🤣
Wasn't it reported not so long ago that Czech median income will surpass that of the uk with Poland to follow before 2030.
Because they didn’t hand all the QE and Tax revenues over to a handful of their mates.
Thank you for this.
Ireland weren't stupid enough to leave the EU.
Selling our entire manufacturing sector to foreign corporations and allowing them to outsource my jobs!
Ditto minimum wage and utilities and food retailers!
I think a lot of the UK wealth is hidden also UK has a large military to maintain plus dependencies Gibraltar and Falklands etc etc
The "record growth in tax revenue"(6:23) does not share that this TAX WINDFALL is a direct result of the European Parliaments Tax actions dating from 2016. Googled: "What is the EU tax avoidance Directive?
On 28 January 2016 the Commission presented its proposal for an Anti-Tax Avoidance Directive as part of the Anti-Tax Avoidance Package. On 20 June 2016 the Council adopted the Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market
The Anti Tax Avoidance Directive - European Commission
The Anti-Tax Avoidance Directive contains five legally-binding anti-abuse measures, which all Member States should apply against common forms of aggressive tax planning. Member States should apply these measures as from 1 January 2019."
Ireland signed up to the OECD Two Pillar agreement in October 2021, including the agreement of a global minimum effective rate of 15%, on a jurisdictional basis, for in-scope entities by means of a top-up tax, which is added to corporation tax charged under domestic rules to reach the 15% effective rate.31 Dec 2023"
The HUGE INCREASES in Windfall Taxes in Ireland have had a strong boost effect on the Irish economy. ♾
It’s easy how that happened and it’s done to one word, namely BREXIT. The ludicrous and crazy decision the ill informed British electorate made in the June 2016 referendum on leaving the European Union makes it so easy for us Irish to surpass the British economy. We Irish along with the other citizens of the European Union have so many benefits collectively with direct access to the largest internal market in the World, easy travel amongst twenty seven states without all the paperwork required and access to free education across the same European Union. 🇪🇺🇪🇺🇪🇺🇪🇺🇪🇺🇪🇺
Many of us Scots tried our best but there's just not enough of us to make a difference to the UK as a whole. That doesn't just apply to Brexit mind you!
@@DABmongerplenty of us English people didn't want brexit either, unfortunately too many of us were duped by Nigel farage, Dominic Cummings and Boris Johnson...
@@AA-hg5fk Yeah, I'm aware of that. They lied, they wanted independence from the EU at all costs no matter what ... and they are all rich enough so that it doesn't really affect them too much, and some could even just move their investments around so that they get even richer, despite Brexit. Whereas the average person in the UK loses in so many ways because of Brexit, but thought the change would be best, especially with all the crap that they were getting told by Farage & co. The common person was just used by these lying clowns.
No, pointless quasi-democratic voting for party lists at European Elections every 5 years. What a joke all that was! The Commision in particular is a horrendous quango on Fifa levels of corruption! At least we, the voters are responsible for our untrustworthy ruling classes and can vote them out accordingly! Trade blocks I can get behind! Wannabe Superstates, not so much!
Meanwhile in the real world not the sado remoaner rejoiners world , the UK has a free trade deal with the EU resulting in record exports to the EU. The eurozone is heading for recession dragged down by the sick man of Europe Germany. The UK economy has matched the rise in Germany and France economy since 2016 and recently overtook France to become a bigger manufacturing economy.
The Irish are hard working ppl like the Indians and both suffered at the hands of the English
The English suffered the Irish fir centuries
@@Englishman_and_mountainswhat!?😂 England ruled Ireland for all of history
@SquirtleAviation for centuries before the Irish were colonised by the British, the Irish raided and enslaved Britain's shores for centuries, pillaging and enslaving English and Welsh people. The Irish patron St Patrick was a native Briton enslaved by the Irish. The Scots are an Irish tribe that invaded and colonised the native picts. They wiped out an entire language and culture called "pictish"
It wasn't the English or British that colonised Ireland it was the Normans who had colonised England at the same time as Ireland was colonised by them. Learn some history, mate.
@@Englishman_and_mountains stop spreading bullshit there was never an Ireland before 1920
@@Englishman_and_mountainsyou gotta understand history Celtic was a Nordic tribe that invaded Ireland Scotland wales and parts of England then the kingdom of England was formed and annexed Ireland and ruled them until 1921
I love these UK versus Ireland videos they are sure to bring out the anti Irish UK gammons and deniers.
And all the anti UK people.
@@damianbutterworth2434 Did you ever ask yourself why there are so many anti UK people? interestingly most of them actually live in the UK.
@@fitzstv8506did you ever ask yourself why there are so many anti-Irish?
@@AS-mw6pw There are very few anti Irish and those few that are anti Irish are confined to right wing British nationalism in Northern Ireland and Britain, if you have information to the contrary please do enlighten us!, I will be waiting.
@@fitzstv8506 you think sectarianism in England and Scotland was born purely out of ignorance and racism?
Interesting take
Simple example, i started a masters in university last month here in Ireland.
The €7,000 course cost me €700 with the rest paid for by the state and the EU.
Does the UK have similar options for its people?
I'm Irish and have lived in Edinburgh since 1994. Prior to that lived in London for 5 years. My daughter is a university student in Glasgow and the Scottish government pay all the tuition fees for undergraduate students attending Scottish universities who are resident in Scotland prior to starting their course. Students from the rest of the UK pay anything up to £9,000 fees each year. It's a 5 year course.
Scotland yes, RUK no
It's almost like telling the world that they need you more than you need them isn't a good idea.
More reasons N Ireland wants to leave the UK and join Ireland
Evidence?
@@lloydnaylor6113They voted to stay in the EU. Sinn Féin are now the biggest party both sides of the border.
@@roseanne9986 yet Northern Ireland is still part of the UK . We voted as the UK not as individual countries or whatever. If at some point Northern Ireland votes to join Ireland as one nation then that's up to them. It's called democracy, something sado remoaner rejoiners can't understand are still whine .
@@lloydnaylor6113 It won’t be part of the UK for much longer. Politicians from different backgrounds are touring around Ireland talking about the benefits of a United Ireland. A border poll will be called soon.
@@roseanne9986 then that's up to them then good luck to them. Pity the EU didn't adopt a good luck attitude when the UK left the EU..
It's not just recent years, I bet Ireland has had more budget surpluses in the last 10 years as the UK in the last 50.
As some who lives in the U.K. but from Ireland I cross the pond every 4months. Irish see GDP as a farce, you can con the rest of the world with that, I think it’s GPI Irish people prefer to look at, the actual wage not the tax haven crap. Ireland also has the youngest population in Europe 35yrs as appose to U.K. 50 something it’s on the ONS. Every time I go back Ireland is building and developing infrastructure,with a population growth of 30% over the last 2 decades and expected to grow another 35-38% in the next 2decades. English mentality is old, looking to put money back into the pocket, savers really, which is pulling back the economy. Personally I think it going to be a very bumpy road for the U.K. in the next 15-20yrs. But Ireland need to come up with more than been a tax haven cos if they pull out we’re screwed, I have heard that Ireland is trying to grow its manufacturing sector, believe it’s doing well.
Ireland is the worst tax haven in the world as corporate tax take was €22.6 billion in 2022 & there are over 300,000 people in High paying jobs in the multinational sector in Ireland. Stop listening to your British friends lies, the city of London has 0% tax rate
You mean Gross Domestic Income? GDI is calculated by the UK government once per year. And the Irish government do use GDP as a measure of economic activity, because that allows International comparisons of growth by sector. You can find that data in the World Bank and IMF online databases, because governments including Eire submit them. The EU has its own Eurostat service, to which Eire also submits data, which in turn is submitted to the World Bank and IMF for the bloc as a whole.
Cost of living in Ireland is much higher than the UK overall & there's a much worse housing crisis going on. I wouldn't say things are all that rosie in Ireland when compared to the UK
@@Lando-kx6so Ireland is richer than the uk and other backward countries so of course there is a higher cost of living and 25,000 free houses were giving out in 2021/22 in Ireland, so many given away that in fact 5,000 were refused undergrounds as stupid as it was too close to ex-partner or there was no parking.
Yep, you only need to look at wealth per adult or by household by county , and Ireland ranks lower than the US,UK,Aus,NZ,Canada etc, which indicates although Ireland has a very high GDP its wealth distribution is poor and most of the wealth is not flowing through to the average citizen. We know why this is of course Ireland is a tax haven.
Ireland is not an attractive place for young people because of the insane rent but I guess the UK isn't much better in that department. If there was more affordable housing then Ireland would be one of the best places to live in.
Who isn't surpassing UK those days.
Argentina is the only one
Russia
@@roryoneill9444 I think Russia actually is!.
Vast majority of the world.
Canada. Have you seen our PM?
They didn't leave the EU
Disastrously his mass immigration will be the downfall of both Ireland and England, both legal and illegal. Partly due to millions of Irish leaving their own country of course.
Here is the problem, like many developed countries the UK has an ageing population, if you significantly reduced population intake today the population will start to decline as the birth rate is way under the 2.1 per women required to maintain a stable population (government income $$). The UK would not be able to financially handle the next 20 years as many millions go into retirement. There is zero choice, high immigration is the "least worst" option.
Well there are 300,000 UK citizens in ROI. Someone has to make room for them.
Xenophobic rubbish. Ireland needs people and countries that welcome migrants are the ones that flourish and thrive. Stop believing British media who label asylum seekers as illegal migrants whilst offering no legal safe route. Declaring asylum in a country is not illegal.
@@johnmckiernan2176 literally? 1961 is 62 yrs ago
Ireland’s issues stem from the fact that its system of government is far too centralised: th-cam.com/video/KU1uPtGAY-A/w-d-xo.htmlsi=3lyGAPFOFBHN7fKu
Ireland should have a Federal system along the lines of Canada, but with the 4 provinces and Dublin being the states, as opposed to the counties. Many counties are larger and more sparsely populated than swiss cantons for example.
Counties should be more autonomous with regards to their existing functions.
Also, town councils and local Mayors should be restored to give local communities back their autonomy
Three things that are the key to Irish success number 1 education number 2 education number 3 education
So long as the Irish and the British remain strong friends, I am sure that is all that matters.
Odd how the DUP still want an impoverished and heavily UK subsidised Northern Ireland to remain separate from a wealthy and successful Irish Republic.
The DUP would rather be the eternal top dog in a substandard kennel than be a partner in a well-off Nation.
Republicanism would not be an issue because many of American and Irish Repubilcans were originally Protestants.
Their big fear is a state of perpetual denial of access to government power in any unitary all island State, a denial of power they have visited on the Catholic, nationalist people of Northern Ireland from 1922 to 1998.
You see this in the current refusal by the DUP to participate in the Northern Ireland Assembly which is crippling NI and its ability to legislate for all its people.
If you ever have been to Ireland then you will know how poor NI will be if it ever would be funded by Dublin instead of UK. And cost of living would triple there as you will play irish prices on everything. Theres a reason why the irish cross into NI to go to ASDA
GB would be better off without NI, it costs the British taxpayer billions a year and about half of the population don't even want to be part of the UK!
There's also a reason the nordies drive over the border to buy fuel and head down south to Fallon & Byrne for A5 Wagyu or Aldi for 79c veggies.
People go where there is a bargain and for something different. The Irish in the south have more money and savings at the end of the day and have the choice on how they spend it.
@@voice.of.reason
"If you ever have been to Ireland then you will know how poor NI will be if it ever would be funded by Dublin instead of UK"?
It is obvious that you have never been to Ireland in the last forty or fifty years....
Crossing the nonexistent border between Ireland and Northern Ireland(NI) is noticeable only because of messages from mobile phon companies and the sudden drop in road noise as you enter Ireland from NI.
It was the case, fifty years ago, that the opposite was the case.
Back in reality, a location absent from your GPS, the Irish state had an income last year, from taxes, dividends, rents, etc, of around €90 BILLION.
There is, over the next four or five yers, an anticipated SURPLUS in Corporation Tax of up to €65 BILLION. That is in addition to the increased tax take as the economy continues to grow....
Irish unification would have lots of issues, but paying for it? No real problem at all.
NI is POOR NOW.
Official British statistics show that NI is the second poorest region in the UK.
The average Irish person is far better off than their NI counterpart.
Unification would, inevitably, make them much better off.
All available research indicates that Irish unification would result in a €25-35 BILLION dividend after 12-15 years, with most of that going to the people who currently reside in NI.
UK has higher levels of consumption but the Irish have a higher savings rate. Difficult to know why this is - I think because there's higher home ownership in Ireland, maybe it creates a savings culture. But higher savings over consumption is universally thought of as a good thing, rather than the negative thing you portray it as in the video.
It may be the case that the Irish save more because we got burned during the bank crash. We're much more sensible now.
I think something that's bred in us Irish.Always keep some money aside for difficult times.
At some point in the near future the Irish state will grow significantly as it will be reunited with the rest of the Irish nation 🇮🇪 Not by force of armed struggle but by the force of History and the combined Will of all it's citizens North and South
Hopefully not. It’d make us here on the south poorer for decades.
@@jamesmcgarry1229 you get free infrastructure already in place plus factory's 🏭 and a skilled workforce and also a shed load of new tax paying ladies and gentlemen 💶 Everything that Brexit Britain finds that it has lost Ireland will find that it has gained (never so No to winning the lottery!) 🇮🇪
@@jamesmcgarry1229money isn't everything.
@@jamesmcgarry1229no it would t as the norths economy would be revitalised and modernised and the whole Ireland economy would be be fantastic. This thing about the costs of Northern Ireland is a total myth. .
So many in the south don't want it, many in the north don't want it. It might happen but it'd be a miserable day for thousands. Nice try
Ireland did what the Uk did but better , that is becoming a tax shelter...but a legal tax shelter instead of a shady tax shelter.
With national economic policy dominated by the City of London financial services sector, successive UK governments have failed over 30 years to promote the growth of new tech industry. They were not alone, since successive American governments followed a globalist model of growth. Aside from Ireland, China was the key beneficiary. In the new world order that is emerging, Ireland has already established its niche. Recent investment trends show that the global companies will not be leaving, if fact they continue to invest.
If the UK had consistently invested in skills, reduced taxes, and incentives, then foreign direct and domestic investment in Northern England and Scotland over the past 30 years would be similar to Ireland. Manufacturing and high tech needs a more proactive approach. The UK’s failure to deliver on high speed rail shows that some radical political changes are needed. In the US, surprisingly, it is President Biden that is transforming American manufacturing in the poor South … not Trump (he made radical promises but only delivered tax cuts for the rich and no infrastructure investment). The UK needs to undertake smart radical reforms and investment. Not a botched attempt like Liz Truss recently made.
Because they have a clear strategy which is sustained over time. They took all the benefits of EU membership and bent them when it suited. The Govt played a leading role to create the framework so private sector can flourish. The UK does the opposite of all of these things. And the people in the majority keep voting for it since 1979.
What a stupid question Conservative party policy has asset stripped the entire country for thirteen years oh and Jacob Rees mogg and the Economic Scrutiny Committee.
Very fair commentary on the irish economy, It’s my belief that the Irish people as a whole are better educated than most countries. By that I mean the value put on education by generations of families has raised the standard among all. I’m not saying the education system is any better than elsewhere, but 99% of students stay in school longer. Education is and has been seen as the best way to improve their prospects for generations. It’s my belief that the class system of nobility (sir this Lady that ) in UK 🇬🇧 has kept a lid the economy.
Yes! Lords,earls,barons,viscounts,sirs,peers,princes,kings and all the rest of the unearned unmerited establishment lead weight anchoring The UK to past faded glories. A 19th century voting system with an unelected House of Horrors(Lords) filled with 900 skivers contributed to the union leaving the worlds biggest trading block next door. I have been back to the UK 8 times in the last 20+ years and the biggest growth l saw was in food banks, bookies shops,pawnshops,charity shops and places to let.
I wish Brexit never happened. Ireland and England have so much more in common than we sometimes like to admit. I wish Ireland and England had free trade again. I'm Irish and some of my best, closest friends and co-workers are English. In the interests of both countries, I hope cost of living and other crises go away as soon as possible. The world is a tough place to be these days. unity and friendship is always better than division and isolation.
By not demonising wealth. In this case corporate. Welcoming wealth lifts all ships.
Ireland prefers to use GNI per capita rather than GDP per capita because it doesn't exaggerate the national wealth. Nevertheless, no matter what method you use, Ireland is much wealthier than the UK.
But Ireland is not alone. The Financial Times announced a few months ago that Slovenia will overtake Britain's standard of living in 2024. That's a country that was Communist until the 1990s overtaking Britain. And Poland is in line to be the next Eastern European country to overtake the UK.
Yes, Ireland is wealthy and successful but we are also witnessing the impoverishment of Britain.
You are trying to compare tiny economies with the world's 6th largest economy.
Ireland has no military to speak of to defend itself and no political party has either the ability or the will to do anything about Ireland's housing crisis.
Slovenia is another small country economically. Little economies don't scale up to become big ones - the UK should know as it has been a leading world trading country for the last 250 years. That wealth is set in the fabric of the country.
As for high skills Ireland and Slovenia are both well outside the top 20 of year's World Intellectual Property rankings. The UK as usual was just behind the US ( with 1/6 th of the US's population. ). The UK does science better than most.
The failings in the UK economy have been down to failings in its engineering education system and lack of interest of young people in engineering and that is down to better paid jobs in other employment sectors.. The UK could sink to the levels of Ireland and Slovenia over the next five to ten years but it may not happen. It is within the power of UK governments to change things and those shouting how poor things are in the UK may be shouting a bit too early.
@@we-are-electric1445 The fact that the UK is the 6th biggest economy in the world is supremely irrelevant. That's just down to it's large population. You have to measure it per capita if you're measuring wealth. And the days of Britain being a wealthy country are over.
It's probably silly to compare Britain with Ireland. The newly isolationist Britain can't possibly hope to match Irish living standards. The best that the next government can do is to stop British living standards falling behind even more of those Eastern European countries.
@@gcullen104 By your argument the US is a poor country.
I think by the time Russia has finished many European countries will be communist again.
Many European countries have been propped up by Germany - a state of affairs which is changing.
More innovation comes out of the UK than every other country bar the US - that is the reason the the large GDP..
Ireland and Slovenia are small players economically - that is unlikely to change any time soon.
@@we-are-electric1445 Actually, by your argument China would be one of the richest countries in the world and most Chinese people live in poverty.
I fear you're just trying to convince yourself that Britain is doing okay so, naturally, you'll refuse to listen to reason.
And your point about innovation is laughable nonsense. Brexit has turned Britain into an isolationist country. Innovation is not welcome in isolationist countries. We are witnessing the impoverishment of Britain, even if you refuse see it.
Sure alone they’re small players but together as part of the European Union we dwarf the U.K. economy by 500%. Takes one drive through England to know what the country is about, boarded up shops, closed high streets, food banks and alcoholics living for the weekend. Only south east England is alive and well, the rest is rotting away. Places like Stoke,Bolton,Blackpool,Liverpool once great but now just cesspits of poverty.
I think one major reason is we started off as a poor country and tried to be a socialist completely self sufficient and remained poor. In 80's, 90's and post financial crises Ireland has always looked outwards for investment both in financial companies and tech because we simply did not have the capital ourselves. Being connected to EU and US to have access to capital has always been a core part of our policy and for the most part citzens have realised that even with draw backs on giving up some control we mostly benefitted. Both in access to well paid jobs but also for farming and infrastructure. This is changing due to cost of living and housing crises but for last 20 years it has been consistent so as business and economics have become global Irelands economy has been well placed.
In contrast UK being a colonial power and traditionally being one of the biggest economies in the world it hasn't really adjusted to the new world. Even now as we see that there is USA, China, India currently or becoming economic super powers UK has went for isolation. On top of this Torys and Labor now outside of EU have lacked any real vision. Corbyn was so disliked he gave huge majority to a disfunctional conservative party. So many different leaders and so many different visions. Theresa May soft Brexit, Boris hard Brexit, Boris levelling up by spending, Liz Truss cutting taxes(without plan), Rishi raising taxes and when defecit cut decides to reduce tax a week before Britain officially goes into recession.
I hope im wrong because for all our history and disagreements it would be better and safer for Ireland to have a strong and stable neighbour. I do suspect due to Brexit and the fragmentation of Labor and Tories it is going to take a major crises, a lot of pain and a reset before Britain can prosper again 😢
To understand why the UK economy is collapsing before your eyes first examine the main changes taking place, in order
1 - Age demographics, or more simply the number of pensioners which has increased
2 - house prices are outrageous multiples of incomes. As a 20something I paid 35k for an apartment while paid 15k.
3 - immigrants. We’ve allowed circa 8 million people to enter the country largely to do jobs our economically inactive won’t do. I count two scumbag uncles in the later category. Both are fit enough to work and refuse.
3-the city of London’s deregulation killed off Building Societies to ape US mortgage lenders while not putting an equivalent of Fannie Mae in place. (which was never 0:10 an option for us anyway)
4 - the corruption of our education system from Primaries to PhD and vocational qualification.
And finally, I sense a fundamental change in British culture which sank to Lows of Russell, Brand, Chris Evans and Allan Carr. Trite, vulgar and narcissistic are not admirable nor are scummy and crass. Walk around my home town Colchester and see what I mean.
If the Conservatives keep ‘triple lock’ then the young should riot like they did when Thatcher imposed the Poll Tax. What this country needs is obvious and it isn’t more greedy and entitled pensioners living in 400,000 to 4,000,000 pound houses in the south. Sheer Orwellian piggery. And that readers is why the BOE refused to increase base rates despite them being 1.5 % lower than inflation. They are protecting home owners at the expense of the young. It stinks and I for one tell all of my nephews and nieces to leave the UK for the USA (inflation 3.7% base rate 5.5) or Oz. The elderly can then rot in hospital beds looked after by Africans who hate them while explaining to families in Africa how to get to the Uk.
Ooos one whopper was missed out - can you all recall the greatest source of self harm in the history of the UK. One that suited the likes of Reece-Mogg and Michael Fabricant - those Fine examples of the British male.
Reyepothication I would have thought an Irish person would have understood self determination and getting off the runaway train that is the EU. ( hi by the way I’m from one of the founding 6). As for immigration, great but it what type of Ireland will it be ??
Yes lots of problems but you know what the secret is?
Education is designed by educators not by politicians. It's never been a political football.
I visited Ireland often as a child, it made no sense that Ireland was as poor as it then was, it had been independent for 80 years, blaming Britain was a poor excuse. Now, I am puzzled by Ireland, why is food so expensive, when they are a net exporter. Why is there a housing shortage when they have a small population in a relatively large country. They could build vast numbers of houses and have very little impact on the rural economy.
Modern Irish workers do not want to work on the buildings like their fathers and grandfathers did. The often unmentioned truth is that in former times houses were built on the backs of a vast uneducated workforce with little or no choices. Methods of building did not employ automation or mechanisation to any great degree. Because of their acquired skills these underpaid building workers were often able to self build their own houses relatively cheaply so that the pressure to house them by publically funded programs was not as needed as it is now,
Today this has all changed.
House building now uses huge amounts of energy and materials which also use a huge amount of energy in their manufacture. Energy has gotten very expensive.
Land is scarcer and people are more defensive in opposing planning applications and attempts to build more houses.
Irish prefer to live in one-off houses far from neighbours and the potential problems with noise, nuisance and anti social behaviours which are perceived to occur in dense housing patterns common in other countries. We do not like apartments or flats.
Modern house building has become burdened with extra requirements regarding insulation, heating and build quality and inspection that did not exist 2 decades ago. These requirements greatly increase the costs of new housing. Imposing these middle class values on a mostly working class population means that many people are living in tents or on the street because of the lack of houses and long waiting lists for available houses. Existing local authority housing tenants do not have the same protections that private tenants have and often live in substandard, damp and mouldy houses because of this.
Instead of unemployment housing is now the number one problem in Ireland.
We have a governmnet of FF FG since the establesment of the state only interested in making rich people richer they scraped a governmnent building programme that build for the most part cheap affortable good quality housing for rent or purchase, I know see on the market for up to half a million to 1 million and let new builds been bough up by Canidian pension voulchers buying vast amount of housing to sell at exobiarant pricesl
You’re right everything is so expensive in this country for what idk?? There’s people with no electric or heating and where’s all that money??? Ireland is full of robbers and in nice suits.. it’s gone to the dogs.
Legislation is making it far more difficult to build in rural or even countryside Ireland
Great post i think local council's are great at telling private landlords who have tenants through them what to do but not great at looking after their own ones @@jgdooley2003
In 2015, Irish GDP, which grew by 8% in 2014 & it was due to have the same growth in 2015 even before Apple's asset move, so Apple moving non financial IP assets of €50 billion increased the GDP by 18% on a GDP of €270 billion but the City of London has lost about £1 trillion in financial assets since Brexit, how doesn't this effect UK's GDP. I think it is the UK that is making false claims.
@@patricksweeney5308 Ireland is doing well, €8 billion in a tax surplus in 2022 and an estimate of €10 billion in a tax surplus this year, that is definitely doing very well, even taking out the effects of the multinational sector, the Irish domestic economy grew by 2.5% in 2022 and with an on-target domestic growth of 5.8% this year, much better than all European countries even those with oil/gas resources.
The housing crisis is in fact a shortage of labour in the construction sector and a major problem with relation to the planning permission process. The cost of living is related to income both are high in Ireland. Over 300,000 thousand people or 12.5% of labour force are employed in the Multinational Sector.
"Lies, Damn Lies, & Open mouthed English (imported) politicians ! Since CAMERON (maybe even before) HM Government has dug itself ever deeper into the well of lie after lie, after lie. In the House, these shysters address each other as "My Honourable Friend"! Now, I ask you, what could be further from the truth ? Perhaps if they were to call each other "my fellow B/S****er", would be far nearer the truth !
Because it’s utter nonsense. That’s why.
@@Olliebobalong what is? That the Uk lost trillions of assets that doesn't show in their GDP figures or that Ireland's the uk's 4th largest export market...
Because hardly anything has left London a trillion in financial assets for the city is a drop in the ocean. Plus most of it hasn’t actually left there are a few post box offices here and there but jobs didn’t leave either as it was predicted it would.
UK is enjoying its " splendid isolation" ,outsourcing all its core areas including prime ministership .
The G.D.P in Spain is very high ! , we have refugees here that work hard , soon in the bumper olive harvest & later citrus fruit my steel scrapman will bring oranges 5 kil 2:22 , for one Euro , , in Valencian they use a tree shaker , help yourself ! No worry fot the veg shops , must get the juicer ready !
Ireland is weird for me, it is often spoken of as one of the best success stories in economics. But for the people on the ground Ireland is mostly high cost of living despite low population density. Look at dublin and you see the same problems as London or SF in the states.
Mismanagement of the housing sector in particular by the corrupt establishment to enrich the few leaches at the cost of the many people, however I do hope that every country rip off the shackles of their politicians
Ireland suffers the same issues that all developed nations have...nothing more nothing less, I recently watched a TV documentary on the economies and difficulties in the Netherlands and Belgium and it was almost a mirror image of a similar program I saw about the Ireland a few weeks before. The German news channel DW provides excellent insight into how various economies and countries get by.
If Ireland has the same problems as London and SF, two of the most successful cities on Earth, then that tells you all you need to know.
There is actually a recognised measure of corruption (PCI) and in fact Ireland is one of the least corrupt countries in the world!
What are pointing out is the failure of capitalism in the western world. It is not down to Ireland alone. It will only change when you vote for parties that will make the system more people friendly. Would you be ready for that?
@@raymonddixon7603 The present globalised economy has brought a very significant amount of the global population out of abject poverty, for sure it has not benefited all equally but what is the alternative?, the 20th century was period of experimental economic systems that mostly failed and left the world with the present system, no one has yet proposed a pragmatic solution to the way the global economy is structured other than a lot of people making a lot of noise.
Spread the love to my Irish brothers and sisters ☘️ I have many good friends in Cork and Dublin ❤🙏👍
Simple Ireland is in the EU
The UK was in the EU when Ireland surpassed the UK economy. Ireland was made a tax haven. Simple.
On paper, Ireland’s economy looks solid. In reality, it’s citizens are, in average, not proportionally wealthy , and the country faces the same problems other rich western European countries suffer. This “prosperity” has been driven by the huge amount of international companies, including U.S. companies , racing to the bottom and taking advantage of the country’s very low corporate taxes. A slow-bursting bubble, in my opinion.
well done Ireland ❤
Ireland isn’t a tax friendly country though and I’ll explain but first id like to address GDP which isn’t that accurate for the country as big companies like Facebook, Google use Ireland for its favourable IP protection and IP corporate tax deduction from 12.5% to just 6.25% the issue comes when you try to take the money out of the country or try to take the money as a salary you have exit taxes to navigate around and 40% income tax plus other expenses. Let’s take £120k for example after tax you are left with £71,428 which is about 40.48% with the exchange rate to equal £120k is approx 143,344.80€ after tax etc… you are left with 60,876.19€ with an effective rate of 57.52% its 17.04% higher in Ireland than it is in the UK.
Because Ireland is a freedom nation. God bless Ireland 🇮🇪
due to multinationals distorting Irish GDP. GNI per Capita is a better comparison. USA ( $70,480 ), UK ( $49,420 ), Ireland ( $79,370 ), Germany ( $59,630 ), Norway ( $82,840 ) France ( $51,660).
Very simple, the Jackboot of British Colonisation was taken off there necks.
Very informed assessment of Irish economy which does well well from the US investment multinationals and of course their EU membership aided by a rather good education system - Ireland certainly is not without problems as the younger people are getting walloped by super inflated housing rents and the extreme lack of affordable housing - If I was governing Ireland then then I'd make that my number one priority to resolve - Ironically they actually have the cash in surplus budgets to deal with the problem.
Ireland has similar problems with high rental costs, due to low accom supply and the HSE health service is no better than the NHS. Benefits and pension is better though.
Ordinary Irish people with moderate education do not feel the effects of prosperity as much as their well-educated countrymen. The key difference is the ability of Irish people to access education and advancement if they can avoid the everpresent dangers of drug and alcohol abuse or wasting money on things like gambling or frequent travel.
One stat is that 15% of Irish people are functionally illiterate, in a nation that is supposed to be a "knowledge economy". These people are not prosperous.
The property split is well documented. The driving factor in emigration is the desire to make low tax money abroad to buy a house at home.
The HSE is ten times worse than the NHS, and as someone who has to use both I can assure you that the Irish system is grossly underfunded and overwhelmed! Especially as the immigration problem gets bigger day on day!
@@lcoconstruction2660 The NHS waiting times in Northern Ireland are twice as long as in the Republic (you can go to Fact check NI for that) Health outcomes are generally better overall in the Republic also...flip side is you have to pay for certain things unless you have a medical card. Swings and roundabouts.
It's not a competition though, both have issues and are facing major bottlenecks and a lack of GPs and specialists, that is a worldwide issue, not just the UK and Ireland. They should be working together more closely and sharing resources. That would be better for everyone.
@@yermanoffthetelly The big difference is that the NHS is free and has way more resources! The ordinary people of Ireland are being shafted by Doctors and Chemists!
@@lcoconstruction2660 Nothing is free. It's paid for in taxation and you pay less income tax in the Republic, 16%-23% less for most incomes. And it still doesn't change the fact that the waiting times are twice as long with worse outcomes!
Because Ireland's successful relation within the EU ended centuries of colonial exploitation by the UK.
Ireland's future is in the EU, unlike the UK that decided to become a third country and rot in solitude.
Notice what year Britain mainly stops. 0:13 almost like the tories had something to do with it...
Ireland removed the UK's boot from its neck. It was supressed by its neighbour before that point.
I propose that Ireland rename the country to Great Ireland in order to attract even more international publicity. Hope it can quadruple its economic output even further, just to put the rotting UK tory party firmly in the pages of failure forever.
Imagine surpass a former Empire without having to colonized or slaved others! actually had been a colony of that empire! Happy for Ireland. Saludos from Mexico! We also surpassed our former colonizer and also without colonizing !
All in 100 years .
Creative accounting
We have a housing crises and immigration crisis, our country has changed so much. Globalisation at it's best.
You cannot possibly blame immigrants for every single issue our country is facing. Brexit and the tory government are to blame!