Steady performance welcome, but high risk of ‘no-deal’ Brexit requires prudent approach, says Chambers Ireland
Aug 2, 2019
Speaking this afternoon (2 August 2019) following the publication of the July Exchequer Returns, Chambers Ireland Chief Executive Ian Talbot acknowledges the performance of the economy continues to be strong and steady, but urges a prudent approach in Budget 2020.
“What we’re seeing in this month’s Returns is a reflection of the strength of the economy to date. However, it’s the state of the economy in the coming months that is worrying businesses in our Network.
This week, we’ve already seen the grave reports from the Central Bank on the impact of a ‘no-deal’ Brexit on Ireland. That prospect, paired with increasing global trade tensions, means that businesses are starting to become extremely concerned about the short-to-medium term outlook.
While today’s figures are positive, they are no cause for complacency.
We know businesses are starting to postpone investments because of Brexit, and it is likely this will only continue to be the case between now and October. Budget 2020 must be focused on delivery on promised investment, particularly in badly needed infrastructure. In light of these challenges, and the looming threat of ‘no-deal’, we want to take this opportunity to urge Irish companies to prepare for the worst case scenario, and avail of every guidance, advice and financial support available.
In particular, we urge them to fully explore and understand the source and destination of their goods and engage with their buyers and sellers, in both Ireland and the UK, to ensure everyone understands the actions they may need to take.”
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For further information please contact Emma Kerins, Head of Policy and Public Affairs on 01 400 4303, 87 970 7676 or email Emma.Kerins@chambers.ie