Given that Brexit is likely to represent a structural shift in the UK trading relations with partners, short, medium and long term responses are needed. These include market diversification, cost reduction, innovation and price repositioning. My Department, Enterprise Ireland (EI) and the Local Enterprise Offices (LEOs) have measures in place to address these issues for client companies. My Officials are also exploring the potential to provide additional supports to business under State Aid rules.
The Competitiveness Council (Internal Market & Industry) has met on three occasions since the announcement of the EU UK referendum result. I have attended each of these three meetings. The meeting dates were as follows:
- 29 September 2016
- 29 November 2016
- 20 February 2017
The issue of State Aid did not feature as an agenda item at any of these Council meetings.
While the UK is considering the nature of its desired relationship with the Union following exit, Ireland Inc will be focusing on the strategic interests of the enterprise sector. We are already working closely with the EU Commission and our EU partners to ensure that we have a shared understanding of the implications and effects of the UK's departure from the EU.
My Department, working closely with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI), EI and stakeholders (such as SFA, ISME, IBEC and Chambers), has conducted a structured engagement with a diverse range of companies across sectors and regions. The purpose of this engagement is to construct an evidence base on which appropriate, tailored and targeted responses can be delivered to meet real identified business needs. Work on the analysis of this data is progressing well. The outcome of the structured engagement and analysis of the findings, along with market developments as a result of Brexit, will inform further discussions with the Commission and the development of any further initiatives to business.