Since the UK referendum vote to leave the European Union in June 2016, the Local Enterprise Office Meath, Enterprise Ireland, Intertrade Ireland and other state agencies have been building a portfolio of supports to help Irish businesses to cope with the uncertainty and possible impacts of Brexit.
In March 2017, Enterprise Ireland launched the ‘Brexit SME Scorecard’ as its latest measure to support Irish SMEs. This new interactive online platform can be used by all Irish companies to self-assess their exposure to Brexit under six business pillars. Based on answers supplied by the user, the Scorecard generates an immediate report which contains suggested actions and resources, and information on events for companies to attend, to prepare for Brexit. The platform can be accessed at www.prepareforbrexit.ie
A series of useful guides have been developed by several agencies and organisations to give you the best advice available on Brexit.
Some or these guides and advice for Irish SMEs trading with the UK can be accessed at:
New guide for Irish business post-UK Referendum
Enterprise Ireland's Information to Irish Exporters to the UK
Intertrade Ireland's Brexit SME Supports
Irish Government's News Service
Frontline Project identifying concerns of businesses along the border
Enterprise Ireland CEO, Julie Sinnamon, discusses the outcome of the UK referendum and outlines the supports available to Irish exporters to the UK. This video can be accessed at www.enterprise-ireland.com/en/UK-Export-Help/Videos/
How to Manage Currency
John Finn, Managing Director of Treasury Solutions Limited, covers practical tips on dealing with the immediate impact of the UK referendum decision. He explores the various ways that a company needs to position itself for managing FX volatility as well as providing suggested action points. See www.enterprise-ireland.com/en/UK-Export-Help/Videos/#leftcol
The immediate impact of the BREXIT vote has been the depreciation of Sterling. SMEs are advised to take professional advice on currency and hedging to minimise the impact of Sterling’s volatility.
Although the UK decision is to leave the EU, this decision will not take effect for some time. The UK is still an EU member, so in the short-term Meath businesses can continue to trade with the UK on the same terms as before, and Irish citizens can continue to move freely on the island of Ireland, and to and from the UK.
The full and precise implications of the UK referendum result will now depend on the period of negotiation ahead, involving the UK and our EU partners. The Government has undertaken planning in recent months for the contingency of this result, and it will now take this work forward to ensure that Ireland's interests are represented fully in the negotiating process.
The Minister for Jobs, Enterprise and Innovation has acknowledged that there is a lack of clarity as to how the negotiation process will proceed and she will be working to ensure that there is certainty as early as possible on the terms of future trading relationships, including the extent of access by the UK to the EU's single market.
Ireland's continued commitment to the EU has been reinforced by Government.