Very few businesses in Ireland will be unaffected by Brexit which is probably the most serious threat to the future economic prospects of Irish businesses. Even if you don’t import or export your customers may now be looking at cheaper imports from the UK with a weaker sterling.
Initial optimism of major opportunities for Ireland in the wake of the Brexit vote have since been tempered by the swift move of the UK to reduce corporation tax rates, tie up trade deals with non-EU countries and avail of the export opportunities presented by a weaker currency.
Five weeks after the Brexit vote many long-term consequences remain uncertain including:
If your business exports then you might be advised to intensify your efforts to win a share of the many opportunities that will exist for the next few years whilst still exploring other markets. The UK’s National Infrastructure Delivery Plan envisages huge spending on more than 600 projects in all sectors across the UK, up to 2021 and beyond. This plan and others include investments of £483bn in 10 waste projects, £256bn in 167 energy projects, £134bn in 329 transport projects, €6bn for communications and £5bn for science and research plus many billions to be spent on flood and water infrastructure.
Opportunities in these and many more sectors exist for Irish businesses who have the expertise and ability to tender for and win significant contracts in the UK.
Irrespective of the outcome of the eventual Brexit negotiations the consequences are that Irish businesses will inevitably face a more difficult operating environment and will need the following:
If you need advice on any aspect of this feel free to give me a call.