Majority Of Irish Businesses Not Ready For Brexit

Only 6% of businesses have a Brexit plan, according to new research.

Earlier this year the Irish government announced a number of supports for businesses and farmers but the take up for many of them is worryingly low. But only 132 companies have been approved under the Brexit Working Capital Loan Scheme, with a further 122 grants approved under the Be Prepared Initiative.

"If these low uptake rates continue, the majority of businesses will not be Brexit ready," warns Fianna Fáil Spokesperson on Brexit Lisa Chambers.

Fianna Fáil Spokesperson on Brexit @lichamber welcomes the publication of the British government’s White Paper on Brexit, but warns that a lot of works remains ahead.

Read what she said in full https://t.co/3s25nWGxoe pic.twitter.com/w2eIWynjI3

— Fianna Fáil (@fiannafailparty) 13 de julio de 2018

Deputy Lisa Chambers says the government needs to do more to ensure that businesses are as protected from the fallout from Brexit.

“The current range of supports is also extremely limited. Instead of focusing on loan schemes, we need to be looking at supports for product diversification, currency hedging and accessing new markets," she says.

“We also need to tailor specific supports for cross-border companies. The majority of these businesses are already feeling the impact of Brexit, particularly firms in the agri-sector."

It has also emerged that there are issues with the rollout of the €25 million low-cost loan scheme for the agri-food sector. Farming organisations are claiming that it will be 2019 at the earliest before farmers will be able to draw down any funds.

“We need to be giving Irish businesses the best chance to compete on the EU and international stage post Brexit, but these schemes, along with other, more specific supports, need to be rolled out," Lisa Chambers adds.

"The government needs to get serious about its Brexit planning so that Irish jobs can be protected and created.”

Barnier “We are ready to improve the text of our proposal with the UK."

This is welcome, both sides in the #brexit negotiation must be willing to search for workable solutions to the Irish issues, hopefully now the U.K. will show some flexibility on NI. https://t.co/TfPBXwGOgW

— Lisa Chambers TD (@lichamber) 2 de agosto de 2018