Press releases

Brexit brings uncertainties and opportunities - Irish businesses are resilient

Deloitte comments on Brexit result

Brendan Jennings, Managing Partner at Deloitte said:

“There is no doubt that Brexit brings many new uncertainties to Irish business.  Depending on the sector and market there will be positives, and potential short to medium term downside risks to Irish companies.  Irish businesses have proven, particularly over the last number of years, how resilient and flexible they can be in responding to changing market circumstances. 

 

“The initial market reaction has been predictably negative and volatile. Predictions suggest that EU GDP will drop by 200bps to 1.4% across the Eurozone in 2017 because of this result. However, it is important to remember that an exit will take 24 months from the time that the UK informs the EU of its intentions to exit.   

 

“Irish business have time to prepare and adapt. Businesses adapt to changing circumstances all the time and markets will adjust and settle. What is essential right now is for Irish businesses to immediately set about identifying any impacts and prepare plans to manage those impacts.

 

“It’s also important for companies to realise that there could be new opportunities arising from the Brexit. We know that many financial services organisations in the UK have already identified an overdependence on the UK as a centre, and will be looking at the locations of their operations in that context.

 

“Ireland is a flexible, competitive, and highly skilled economy and an attractive place to do business - something that can play to our advantage as internationally mobile business considers its options in the post Brexit world.

 

“Our focus will be to work with our clients to help them to prepare for any negative impact, but also to identify opportunities which this changing environment will provide.”

For Further Information Please Contact

Aoibheann O’Sullivan
Murray Consultants
01 498 0300
aoibheann.osullivan@murrayconsult.ie 

Claire Quinn
PR Manager
Deloitte
01 417 2356
cquinn@deloitte.ie

 

About Deloitte

At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges. 

As one of the largest global professional services and consulting networks, with over 220,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients. 

In Ireland, Deloitte has approximately 2,000 people providing audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience, and insight to collaborate with clients so they can move forward with confidence.

 

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