Brexit fears deeper here than across EU

IRISH businesses are far more worried about Brexit than companies are elsewhere in Europe, a new survey shows.

Almost half of Irish businesses ranked the imminent exit of the UK from the EU as their ‘number one challenge’ for next year.

However, across the EU it ranks as the main priority for just 9.2% of companies compared to 48% in Ireland, the survey of more than 50,000 European businesses showed. Chambers Ireland chief executive Ian Talbot said Britain’s divorce from the EU was a peripheral issue for business people outside Ireland and the UK.

‘It is alarming that businesses across Europe are not more concerned by the potential impact of the loss of the EU’s second biggest market,’ he said.

Mr Talbot – deputy president of Eurochambres, which carried out the survey – said Irish businesses have a role to play in helping counterparts across Europe understand there will be reduced economic growth, investment and jobs unless there is a practical approach to Brexit talks.

The survey found the priority issues for firms across Europe are domestic demand, followed by a lack of skilled workers and labour costs. Eurochambres said most countries ranked Brexit as the least important challenge for next year, adding that the lack of concern may be explained by the fact the split is not due to kick in until 2019.

It comes as a new Government report – titled Building Stronger Business – warns that many firms here are not ready for Brexit. Tánaiste Frances Fitzgerald, launching the report, said: ‘We know some businesses are planning for Brexit but many are not and I’d urge all companies to engage with the supports that are available.’

She added that the Government is ‘providing supports to help make companies more resilient in the face of Brexit and other global challenges’.