With formal Brexit negotiations now set to begin, I am very pleased to provide you with a comprehensive and practical new Ibec guide for managing Brexit, produced with the support of Accenture. It is being posted to all members this week and a copy is available below, as well as at our dedicated website: www.ibec.ie/brexit
The guide sets out the potential implications for companies, and includes a toolkit that will help you assess the risks and prepare a response. It looks at the potential impact on key sectors, but also at how Brexit may affect currency transactions, supply chains, contracts, financing and the labour force, among other issues. The toolkit looks at:
- Potential impacts: Scenarios that businesses can use to think through what the post-Brexit world might look like for them
- Impact assessment: Checklists of questions to help you assess impacts and develop short- and long-term contingency plans
- 'No Regret' actions to manage Brexit: Pragmatic steps that all businesses can follow in their response to Brexit
I hope you find it to be an invaluable resource in trying to understand how Brexit may affect your business, your market, your suppliers and your customers.
Of course, this guide is just one part of the significant work Ibec is doing to support members during this period of uncertainty.
Separately we are working at a domestic level to ensure the Government and relevant state agencies respond swiftly and decisively to help businesses adapt to changing market realities. We need to take immediate action in areas under our control. Alongside this we are working at a national, UK and EU level to ensure Irish interests are protected and advanced in the complex exit negotiations, and in the new trading relationship the UK will have to forge with Europe.
The current 'hard Brexit' UK position has significantly increased the chances of a divisive and damaging split. Irish efforts and influence must be marshalled to ensure this doesn't happen. A far-reaching free trade agreement with minimal trade barriers is desirable and a Brexit tariff 'cliff edge' must be avoided. Comprehensive transitional arrangements are in everyone's interests. The free travel area between the UK and Ireland must be preserved and the future development of the all-island economy must be prioritised.
The UK threat to slash business taxes and regulation is an indication of the post-Brexit economic reality. Every government decision needs to be ‘Brexit-proofed’. We need to aggressively confront the UK competitiveness challenge and, at the same time, position Ireland to take full advantage of the inward investment opportunities that will arise.
As the challenges and opportunities of Brexit crystallise, Ibec will be with you every step of the way, supporting you at a company, sector, national and international level.
I’ll keep you updated on Ibec’s work. Get in touch if we can help in any way.
Wednesday, 29 March 2017