Are You Brexit Ready

Are you Brexit Ready?

Some very useful guides and advice for Irish SMEs trading with the UK can be accessed at:

The Enterprise Ireland Brexit SME Scorecard is a free planning tool for Irish exporters to the UK. It is designed to help you assess your business readiness across six areas— Business Strategy, Operations, Sales and Marketing, Finance, Innovation, and People and Management.

Access a raft of supports from the Brexit Advisory Service, including Brexit Readiness Vouchers, which they can use to fund bespoke advice up the value of one thousand Euro; free Brexit briefing events; information on currency hedging and a ‘Five Minute Masterclass’, helping companies get Brexit-savvy.

How to manage currency

John Finn, Managing Director of Treasury Solutions Ltd 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 providing suggested action points

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 Louth 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 & 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.