Irish nationals make up the largest proportion of foreign directors in UK plc, according to the fifth annual Foreign Directors in the UK Report, published by Eulogy PR Group. The number of Irish directors in UK plc now sits at nearly 55,000 - 17 per cent of all foreign directors - growing by six per cent on 2014.
Irish form 17 per cent of all foreign directors in the UK
Irish directors hit 55,000 for first time up six per cent on 2014
Indian directors take second spot at 25,000 with Americans third at 19,000
The report, commissioned by PR group Eulogy, tracks the growth of foreign directors in UK business based on Companies House data. It reveals the proportion of Irish directors is double that of the next largest group, the Indians, who make up 24, 821 directors in the UK. Americans follow shortly in third position at 19,048 with the French in fourth place at 15,602 and the Italians in fifth position at 15, 432.
Latest figures from the European Commission, predict GDP growth of 3.5 per cent for Ireland in 2015, making it the fastest growing EU economy and offering a vital trading opportunity for Britain. Ireland is Britain's fifth largest export market and Britain is Ireland's second, a business partnership set to grow in strength as its economy continues to expand.
With an economy more than 10 times the size of Ireland's, the overall lure of the UK for Irish workers is clearly reflected in the findings. Of the companies in the UK with Irish directors, 29 per cent are defined as high growth companies according to Oxford Economics. The findings indicate a growing influence of the Irish on the UK economy, with Irish directors driving companies at the forefront of the UK economic recovery and employment creation.
Helen Normoyle, Chief Marketing Officer at DFS, comments on the findings: "Being Irish in the UK totally works in your favour. There's a better understanding and relationship with our nearest trading partner. DFS has stores in Ireland and on a practical level; the fact that I'm Irish brings a good understanding of the country to bear."
The report demonstrates an historic industry shift with a much higher number of Irish directors leading in the services sector. UK construction has always been a major source of employment for Irish emigrants and remains a big employer of senior Irish managers. However, the service industry has overtaken as the prominent industry with 9,525 Irish directors, forming 58 per cent of the foreign directors in the sector. The construction industry holds 2,311 - 14 per cent of foreign directors - while, retail comes in third with 1,658 directors, 10 per cent of foreign directors.
The geographical spread of Irish directors has also seen a shift. The importance of London remains strong, showing nine per cent growth. However, the data also shows that the North West is matching and even outstripping London's allure, growing 10 per cent over the past year and more than 16 per cent on 2012 findings.
Just under a third of Irish directors in the UK in 2015 are female, a statistic that has not changed much over the years. In 2014 the split in the UK was 70 per cent male and 30 per cent female, meaning the Irish directors groups shows a slightly lower representation of female directors.
Adrian Brady, CEO of Eulogy PR Group, commented: "The report confirms the remarkable reach and role the Irish community plays in UK business. There's a special business relationship that exists between Ireland and the UK which is clearly backed up by the fact that Ireland is Britain's fifth largest export market and Britain is Ireland's second. Our research demonstrates the great potential which exists for the UK & Ireland to build on business and cultural links and the success this can deliver for both nations."
