Collaborative Approach Essential to Addressing Brexit Uncertainty

Chambers Ireland yesterday (8 November 2016) addressed the Joint Oireachtas Committee on Jobs, Enterprise and Innovation regarding the economic impact of Brexit with particular emphasis on jobs.

Speaking at the Committee meeting, Ian Talbot Chief Executive of Chambers Ireland said, “The ongoing uncertainty surrounding Brexit and that no one yet knows what form of UK exit will be agreed is generating business uncertainty and currency volatility in Ireland. The risk of a global economic downturn is more prevalent than ever as the EU economy has struggled for some years now due to stagnant growth, historically low inflation, and high unemployment rates. The loss of the UK, its second biggest market, could quickly force the entire European Union into recession. Ireland must be as prepared as possible and there is an important need for Government to eliminate borrowing to fund current expenditure as we enter a period of uncertainty and reduced economic growth.”

“Government, public and private sectors must work together collectively to identify the core risks to Ireland and to develop solutions. Ireland is a small country and it is only through adopting a collaborative approach can we respond to what is a crisis. It is vital that Ireland has access to new markets and the European Commission’s trade strategy must be central to this. Trade agreements with US and Canada are more necessary than ever for our exporters to develop alternative markets to the UK.”

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