The immediate impact of Brexit on exporting companies has been a downturn in sentiment towards the UK market with companies expressing fears around faltering growth, new business orders and export expectations. While this scenario will be monitored over the coming months, the only question seems to be around the degree of impact i.e. whether exports to the UK will fall, stagnate or grow more slowly than they otherwise might have.
Enterprise Ireland (EI) continues to provide support to clients to help identify new business opportunities in the short and medium terms, and provides advice on improving competitiveness and reducing supply chain costs as a result of Brexit.
As Minister for Jobs, Enterprise and Innovation, I am continuing to focus on developments in the fallout from Brexit and am deeply engaged with Enterprise Ireland (EI) and IDA Ireland regarding the impacts being felt by client companies. I have ongoing communication with these agencies through my chairing of the high level Group of senior managers which includes the CEOs of the agencies. In addition, my officials are in daily contact with the agencies and keep me informed of any issues arising.
The exchange rate situation is an evolving one and we haven’t felt the full effects of the weakening of the value of Sterling. However, EI has made contact with all of its clients who export to the UK and continues to provide assistance on the implications of Brexit. EI’s UK team, based in London, are providing support to clients to help identify key business opportunities in the short and medium terms and on how clients can take the opportunity to improve competitiveness and reduce supply chain costs. EI will intensify its International Trade and Investment events schedule for the rest of 2016 to include trade missions and events to Northern Europe, USA, China, India and other high growth markets and will also host an International Markets week in the first week of October in Ireland, to provide Irish exporters with access to its overseas market advisors.
EI is running an information campaign to include practical guides, online information and webinars, an updated UK market access guide and regional seminars in Ireland and the UK. These provide guidance on issues including: the implications of trading with the UK, improving competitiveness, reducing supply chain costs, accessing funding, finance, foreign exchange, employment regulations and legal issues. There is also a dedicated email address: brexithelp@enterprise-ireland.com; an Enterprise Ireland helpline: 01-7272727 and dedicated webpage: www.enterprise-ireland.com/brexit.
I will continue to monitor the export and trading environments and the impact of exchange rates with my Departmental officials and with EI, and I will take any new actions to assist Irish businesses as necessary.
I would also urge any businesses who are experiencing difficulties to visit one of the 31 Local Enterprise Offices nationwide, or to contact Enterprise Ireland, for advice and support.
