EU Must Work Together to Limit Uncertainty following UK Vote to Leave

UK will continue to be a key partner, but Ireland’s future remains with the EU

As you all know the UK has voted to leave the European Union 51.9% to 48.1%

cartoon-like drawings of flags showing friendship between EU and IrelandThis morning (June 24th) after yesterday’s vote on UK membership of the European Union, Brigid Manley President of Mullingar Chamber of Commerce said “ Notwithstanding the UK decision to leave, we firmly believe that Ireland’s economic future is best safeguarded as part of the EU” While this is not the result that we believe is in the long term interests of the Irish economy, the UK will continue to be a key partner for Ireland into the future. We are now entering entirely uncharted waters we can expect some degree of currency fluctuation in Sterling and possibly other currencies, so businesses with exposure to Sterling should consider how they will manage this

We are advising businesses to continue on their growth plans and to continue developing strategies to manage the uncertainties and challenges ahead.

  • There may also be some market volatility with knock-on consequences for investments and pensions and it is unclear how long this period of uncertainty will last.
  • There will be NO IMMEDIATE impact as negotiations for a UK exit from the European Union are likely to take a considerable amount of time. For example, pending the outcome of any negotiations there will be no introduction of tariffsand there will be no immediate introduction of a hard border between the Republic of Ireland and Northern Ireland. Free movement of people should also NOT be impacted in the immediate aftermath.
  • The UK is Ireland’s largest single trading partner in Europe and ranks second to the USA in terms of global export markets. However, the share of Irish exports (goods and services) to the UK has fallen from 55% to 17% over the last 40 years. Similarly, the dependence on the UK as a source of goods imports has fallen dramatically, with the share decreasing from 50% to 26% since 1975. The EU bloc (excluding the UK) is the largest trading partner of the Ireland, and accounts for more than twice the volume of Irish merchandise exports to the USA. Irish exporters should look to building on already strong links with US and EU markets in the months and years to come to account for any disruption to trade links with the United Kingdom.

Please contact our office 0449344044  directly if you have any questions regarding the above or should you want some more information we are glad to help.

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