Major company returns
In a move that is likely to be seen as a significant signal to investors, industry leading advertisers WPP have announced that they are moving back to London from Dublin.
In 2008 Chief Executive Sir Martin Sorrell (left) announced that WPP was moving to Dublin, citing Ireland’s low corporate taxes of 12.5% as the reason . United Business Media and pharmaceuticals company Shires followed WPP's lead shortly afterwards. The company states that its decision to now return to the UK is based on the favourable provisions contained in the UK 2012 financial bill.
Although, on its own WPPs move is not likely to have a big impact on UK jobs, or the supply of office space in London, it is a high profile business and may signal an appropriate time for other companies to “return home”.
The decision to move has already been approved by the WPP Board and only requires shareholders consent at an Extra Ordinary General Meeting (EGM) scheduled for December this year.