Ireland's Pot of Gold
As the UK Treasury grapples with a massive financial ‘black hole’, its once impoverished neighbour, the Irish Republic, is grappling with the dilemma of how to spend a bounty of €14bn.It’s a 'pot of gold' which the Irish government didn’t expect – and surprisingly didn't want - but was eventually forced to accept by a European Court ruling that the mighty US corporation, Apple, had underpaid taxes on its extensive Irish-based operations. Added to a mighty windfall from other companies, taking advantage of its low corporate tax policies, Ireland is now one of the richest countries in the European Union. Dublin's River Liffey waterfront, once a depressed, neglected area, has been transformed into 'Silicon Docks’, a gleaming hub of high rise offices, housing American tech giants including Google, Meta, Airbnb and Docusign. While other western economies haved struggled and stagnated Ireland has attracted new, dynamic American firms. It's estimated that 700 multinational tech and pharmaceutical companies have bases across Ireland, employing more than 150,000 people. Politically, the country may be tied to Europe but economically it straddles both sides of the Atlantic.Despite these riches, Ireland has a severe housing crisis, a crumbling health system, weak transport and energy infrastructures and a myriad of other demands on the public purse. While the politicians argue over how the money should best be spent there are growing concerns that Donald Trump's arrival in The White House, could bring these lucrative tax benefits to an end.For a country so dependent on global trade and the American multi-nationals in particular, it's a moment of serious economic jeopardy, as the BBC's Ireland correspondent, Chris Page, reports.Presenter: Chris Page, BBC Ireland Correspondent
Producers: Kathleen Carragher and John Deering
Sound Engineer: Kris McConnachie
UK