Brexit business survey highlights threats and opportunities

Business, Economy | Thu 28 Jul | Author – Business & Finance
brexit Jeff Djevdet

The survey, carried out by the British Irish Chamber of Commerce, highlights that businesses will welcome support from government and trade organisations, but clarity and impartial information was of utmost importance.

John McGrane, director general of the British Irish Chamber of Commerce, has encouraged joined-up support for businesses challenged by Brexit.

The survey found that exporters are challenged but, encouragingly, they are already diversifying to export to markets other than the UK, while importers are benefitting from weaker sterling, although this is causing some substitution away from local suppliers.

Notably, all are concerned about the lengthy uncertainty of the UK negotiations with the EU.

Speaking at the publication of the Chamber’s survey of 488 firms regarding 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 continued: “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.