Sunday 20 August 2017

Ireland's business community believe Brexit will increase our talent pool - new research

Some 72pc are also of the belief that multinationals are likely to relocate to Ireland Picture posed
Some 72pc are also of the belief that multinationals are likely to relocate to Ireland Picture posed
Louise Kelly

Louise Kelly

The majority of business leaders believe that Brexit will result in a drop in Irish exports, according to new research.

In the study commissioned by the Irish office of Duff & Phelps, over 85pc of business people here believe Britain's split from the EU will impact our exports.

Agriculture, manufacturing and tourism are the areas that are most likely to suffer, according to Ireland's business community.

However, the sentiment is not all negative with 91pc of those surveyed believing that financial services companies will look to Ireland as a potential destination to relocate to due to financial passporting rules.

Some 72pc are also of the belief that multinationals are likely to relocate to Ireland, with 55pc believing Brexit would increase the talent pool in Ireland.

"These results mirror what we are hearing on the ground and from our clients in Ireland, UK and further afield," Killian Buckley, Managing Director and head of Duff & Phelps’ regulatory and compliance consulting services in Ireland said.

"While there is significant uncertainty and worry among the business community, there is a pragmatism to make the best of it and a real determination to exploit any opportunities Brexit may bring for Ireland. We are working across a range of areas with clients on various Brexit-related questions."

In terms of primary competition to Dublin for Brexit relocation, 55pc of the Irish business community perceive Frankfurt is the top contender, with Luxembourg close behind (33pc).

Yesterday, Japan's Sumitomo Mitsui Financial became the latest financial giant to set up banking and securities units in Frankfurt to secure access to European Union markets once the UK leaves the bloc.

Online Editors

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