[article]Sinn Fein rise threatens US investment

mike65

Sinn Fein rise threatens US investment


JODY CORCORAN

AMERICAN investment in Ireland is in jeopardy and key financial input is in danger of being withdrawn, as the spectre of a Sinn Fein political advance over the next 10 years becomes a reality.

The worrying economic development emerged yesterday when Minister of State in the Department of Justice Willie O'Dea revealed that he had been approached by business professionals in the Mid-West area concerned at the rise of Sinn Fein.

Mr O'Dea said that the rise of Sinn Fein was putting at risk the 120,000 jobs directly dependant on US investment and the many more jobs downstream. The Minister said that he had recently spoken to representatives of important American investors including solicitors, accountants and financial experts.

In the last 10 days alone he had received three approaches on the matter.

"These people relayed to me growing concern at the fragmentation of the Irish political system, giving rise to the emergence of the hard Left in the form of Marxist-terrorist Sinn Fein.

"This is a very worrying development and deadly dangerous for this country.

"It is no exaggeration to say it threatens to destabilise the whole economic boom."

Following on their electoral success in the European and local government elections, Sinn Fein hopes to hold a balance of power in the foreseeable future.

Although Sinn Fein's social and economic policies are unspecific, the party has admitted that if it had a role in Government, it would undertake what it describes as a "major review" of the country's taxation system.

Such a review, it says, would be completed within a year and its declared aim would be "restructuring and reforming" to achieve "equity". This is understood to mean increasing Corporation and Capital Gains Tax (from 20 per cent to 40 per cent) as well as returning employers' PRSI to 12 per cent.

Although unemployment would be the likely result of such changes, Sinn Fein insists revenues would be harnessed for "social benefit".

"If US and Canadian investors, for example, were scared off by the rise of Sinn Fein and these policies," Mr O'Dea said, "the Mid-West region which I represent could turn into an industrial cemetery."

While a spokesman for Tanaiste Mary Harney, the Enterprise and Employment Minister, said the concerns expressed to Mr O'Dea had not been made directly to her Department, the Tanaiste felt it was essential that "we keep an eye on the ball."

Ireland needs its competitive edge now that it is faced with greater competition from the new EU countries of eastern Europe, and from countries like Puerto Rico, Singapore, Switzerland and also China.

"All of these countries have preferential tax rates. So it is essential that we stay competitive. Any Left policies, based on increasing taxes, are going to undermine that competitiveness," Ms Harney's spokesman said.

Mr O'Dea, however, is certain that, specifically, the emergence of Sinn Fein in the recent elections as a political force is raising anxieties in the US. He said: "These people are coming to me - Irish advisers to international companies - and they are being asked: 'What is the situation in Ireland? We have Poles and Lithuanians competing for investment and we hear about Sinn Fein and socialism and equality and a private army.'"

He said: "It is perfectly obvious to foreign investors that Sinn Fein policies, such as they are, amount to one thing, if they ever got a chance to implement them - more taxes.

"That and statism and equality. They talk a lot about equality, but the only countries that ever achieved total equality, achieved equality of poverty. No one ever achieved equality of wealth," he said.

Mike.

parsi

Well if Willie O'Dea says it it must be true... the only person I'd believe more on this subject would be Michael Mc Dowell...:)

ionapaul

Also, anyone who dreams of working hard and becoming wealthy that way will be out of luck if Sinn Fein ever get their hands on power. No self-made millionaires in our new Socialist Paradise - you've got taxes to pay my greedy capitalistic friend! In addition to the departure of the US multis, add in one part higher taxes and social benefits, two parts massive brain-drain as many skilled professionals leave country, and a dash or two of foreign policy madness!

Victor

Ireland needs its competitive edge now that it is faced with greater competition from the new EU countries of eastern Europe, and from countries like Puerto Rico, Singapore, Switzerland and also China.

Irish Marxism bad, Chinese communism bad. Four legs good, two legs baaaad...

ionapaul

Are the Chinese even communists anymore? Only when it comes to using slave labour I suppose! Otherwise 'to get rich is glorious' said Deng. If the Chinese communist party ran in our local elections even they would take support from Fianna Fail!
There was some sort of Shinner march on Ringsend Rd/Pearse St on Saturday afternoon (managed to draw a good 50 people, fair play to them) - anyone know what that was about?