Response is ‘muted’ after Brexit decision
NEWRY RETAILERS ASKED NOT TO ADVERTISE TOO HEAVILY AFTER BREXIT AS PASSPORT APPLICATIONS UP 63%
RETAILERS in Newry have been asked ‘not to advertise too heavily’ in the wake of the fall of the pound’s value against the euro so as not to ‘aggravate’ the situation after Brexit.
In an interview with the Irish Examiner this week, Paddy Malone from Dundalk Chamber of Commerce outlined the situation in Dundalk after the shock decision in June by voters in Britain to leave the EU.
Mr Malone said: ‘We had our best Christmas in eight years. The recent drop in the currency is from a high point. It has a long way to fall before it damages us’
So far, he insisted, the reaction has been ‘muted’, though another 4%-5% drop would be ‘serious’.
The paper revealed how ‘ the Dundalk Chamber is working closely with its sister Chamber in Newry to develop a strategy to cope with the effects of the likely British EU exit.
‘While the two compete fiercely, at times, for the business of shoppers, retailers in Newry have been asked not to advertise too heavily as this will merely ‘aggravate’ the situation.
‘ The benefits of currency weakness can be short term. Both towns have reason to fear a return to the bad old days’.
Mr Malone said: ‘ The border has distorted the physical, economic and cultural development of the town. There was no significant IDA investment between 1970 and 2000, apart from the Heinz factory which was mainly due to Tony O’Reilly.
‘One of my staff lives in the North. She has two children in creches there. Will she be delayed at checkpoints? You could have perishable goods sitting by the side of the road for three hours’.
Mr Malone’s comments come as new figures from the Department of Foreign Affairs show a significant rise in the number of passport applications from the North and Britain.
The numbers from the North seeking passports increased by 63% in July and here were over 7,000 applications from people in Britain - an increase of 73% on the same month last year. The Passport Office has hired 200 new temporary staff.