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.”
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