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My impression is that the UK government is in dire need of good news, so I felt sceptical reading this. I'd expect Ireland to rank higher because all the large
by fxtentacle 4y ago
My impression is that the UK government is in dire need of good news, so I felt sceptical reading this.
I'd expect Ireland to rank higher because all the large US companies have their EU offices there. At least on paper for tax purposes.
Also, a lot of banks moved from the UK to Germany as a result of Brexit. My guess is those weren't counted as tech.
In general, it appears to me that this report is crucially dependent on a very narrow and unexpected definition of what qualifies as a tech company. Looking at market cap rankings, they probably had to include Shell and BP to compensate for the likes of Bayer, Biontech, BMW in Germany. But is big petrol still tech?
Also: "The total market capitalization of German companies listed on the Frankfurt Stock exchange reached 1.67 trillion euros at the end of June 2022." so they had to exclude some companies.. And that's just one stock exchange.
- sph 4y ago> I'd expect Ireland to rank higher because all the large US companies have their EU offices there. At least on paper for tax purposes. Aren't US companies incorporated in Ireland and Luxembourg basically paying no taxes? "Amazon had sales income of €44bn in Europe in 2020 but paid no corporation tax": https://www.theguardian.com/technology/2021/may/04/amazon-sales-income-europe-corporation-tax-luxembourg https://www.theguardian.com/technology/2021/may/04/amazon-sa...
- fxtentacle 4y agoYes. That's why I would expect Ireland to have more valuable tech companies than the UK.
- nly 4y agoThe same is true of London to a degree. London is dominated by private finance and trading firms, and many of those employing techies will be making a paper loss as far as HMRC is concerned, while their overseas arms make all the profit in 0% corporation tax jurisdictions.
- mytailorisrich 4y agoI wouldn't say that a lot of banks left the UK... "they moved the minimum they had to (not necessarily to Germany) in order to meet regulations and be able to continue operating in the EU" seems a more accurate summary. London is still the European financial centre and a hot hub for fintech.
- Simon_O_Rourke 4y ago> My impression is that the UK government is in dire need of good news, so I felt sceptical reading this. Seems like it - their prime minister was up in a fighter jet during the week doing barrel rolls for the cameras, in a clear photo-op to distract from his usual crass nonsense.
- deleted 4y ago[deleted]