British Irish Chamber Of Commerce’s Brexit Business Survey Highlights the Threat, And Opportunity, Of Brexit for Irish Business

Q4PR

A summary on the main findings of the survey results is available by clicking this link

Thursday, 28th July 2016 – John McGrane, Director General of the British Irish Chamber of Commerce, has encouraged joined-up support for businesses challenged by Brexit or looking to maximise its opportunities.

Speaking at the publication of the Chamber’s survey of 488 firms on their response to the UK decision to leave the EU, McGrane said:

“This survey is particularly interesting because it includes both importers and exporters and they react differently.  He noted that –

  • Exporters are challenged but, encouragingly, they are already diversifying to export to markets other than the UK
  • Importers are benefitting from weaker Sterling although this is causing some substitution away from local suppliers
  • All are concerned about the lengthy uncertainty of the UK negotiations with the EU

He went on to say that, while challenges both known and unknown are yet to be faced, Irish business is continuing to see trade with the UK as key to their business. He said:

“Business wants collaborative thinking and the Chamber stands ready to support its members, and Government, to continue to protect and grow the deep trade linkages between the UK and Ireland. We’re ready to join up with likeminded agencies and organisations to ensure all businesses get the most joined-up supports they need to confront the uncertainties, and opportunities, ahead.”

The survey, conducted by the Chamber over the weeks since the Referendum, confirms that firms have already started considering actions to protect themselves against the potential negative repercussions of Brexit by focusing on –

  • Sourcing new suppliers
  • Seeking new sales opportunities not only in the UK but elsewhere
  • Reviewing their currency strategies
  • Getting advice to help them steer a path through the new trading environment
  • Becoming even more competitive to meet the challenges ahead
  • Maintaining strong trading partner relationships

The survey highlights that while business will welcome support from Government and trade organisations, at this stage it is mainly looking for clarity and timely, impartial information. Financial and trade supports are, however, also seen as priorities on the list of potentially valuable supports according to the survey.

A summary on the main findings of the survey results is available by clicking this link

 

Ends/

Media Queries/ To arrange an interview with John McGrane:

Q4PR – Nora Eastwood – nora@q4pr.ie / 0871754149

Kieran O’Byrne – kieran@q4pr.ie / 086 254 7949

 

Editor’s Notes:

 

About the British Irish Chamber of Commerce

The British Irish Chamber of Commerce is a private sector trade organisation, founded in 2011 to represent businesses and employers with interests in the two islands of Great Britain and Ireland. The Chamber’s mission is to highlight, protect and grow the trade between Ireland, Northern Ireland, Scotland, Wales and England. That trade is worth €1.2 billion a week or €60 billion a year and it supports 400,000 jobs, about evenly between the two islands.

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