Brexit could leave up to 25,000 jobs vulnerable here

UP TO 600 companies here could be badly affected in the event of a hard Brexit, Enterprise Ireland has warned.

The State agency, which helps Irish companies grow overseas, said that up to 25,000 jobs could be vulnerable when Britain leaves the European Union on March 29.

‘There’s about 1,600 clients in the UK and there’s 600 of those that we would see as being in the higher level of vulnerability in terms of the level of exposure’, said EI chief executive Julie Sinnamon. ‘Based on a hard Brexit, I’d say you could see up to 25,000 of those would be the approximate number that could be vulnerable.’

Funding to the tune of €74million has already been approved for 535 firms most likely to be adversely hit, according to the EI’s end of year statement yesterday.

Ms Sinnamon said: ‘As the March 29 deadline approaches, and uncertainty continues, we would anticipate 2019 will be a challenging period for some Irish exporters.’ She said 85% of EI clients had made preparations and she said her organisation would ‘ramp up’ efforts to support Irish businesses as the deadline nears.

According to the report, EI-supported firms employ 215,207 people, the highest level in the history of the agency, with 18,800 new jobs created in the last year alone. But when jobs losses are taken into account, the net number of jobs created was 9,118.

Some 61% of the jobs created in 2018 were outside the capital.

Life sciences, construction, electronics, primary meats and food were the best performing sectors over the last year.

Enterprise Minister Heather Humphreys said the figures reflected ‘the resilience of Irish companies in the context of Brexit’.

She warned firms to prepare ‘for all eventualities’ but said the Government would support them for life after Brexit.

Ms Humphreys said: ‘While the single market will remain a major destination for Irish exporters many firms will broaden their footprint to third countries after Brexit and we are supporting them.’