Inaugural networking lunch a big hit
The Glasshouse Hotel hosted the maiden Damien Tansey Solicitors Investec Business Networking Lunch on October 14th last. The event was attended by a wide array of local businesspeople and those with an interest in the local economy. Speakers included Philip O’Sullivan, Investec Chief Economist, Andrew Fahy, Investec Head of Tax, and Damien Tansey, DTS Senior Partner. A major point of discussion was Brexit, and the recent and quite dramatic fall in the value of sterling. Investec’s Philip O’Sullivan said the outcome of the UK’s Referendum has left sterling at an almost 200 year low when compared against a basket of global currencies. He said this fall has arisen in a short space of time and it is already having a dramatic impact on Irish exports, 45% of which go to the UK.
Speakers from the floor reported that the first signs of Brexit were through to the local economy - mart prices in the North West were now noticeably lower, with Northern farmers finding southern prices too expensive. Also, decade long supermarket supply chains from the UK were showing signs of disruption, with certain products like Marmite having been unavailable locally at Tes- co for a time recently. Representatives from Sligo’s retail sector voiced their concerns about how sterling’s devaluation would affect their Christmas trade and beyond, and immediate government action was called for.
On a more positive note, Philip O’Sullivan predicted that an election of Hilary Clinton, though a little removed from the North West, ought to result in an increase in the number of US tourists that visit here.
He said that many pollsters were already calling her victory, and he expected the tourism benefits would start to be seen from summer 2017.