Thursday 29 September 2016

80pc of Irish directors fear Government isn't ready for Brexit

Published 19/05/2016 | 09:04

Taoiseach Enda Kenny. Photo: Reuters
Taoiseach Enda Kenny. Photo: Reuters

Over 80pc of Irish directors and business leaders are concerned that the Irish government is not adequately prepared for a Brexit scenario, new research has shown.

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According to a survey by the Institute of Directors in Ireland, 92pc of directors are concerned about a UK exit from the EU with 87pc believing it will have a negative effect on the Irish economy.

The Institute surveyed just under 400 of its members and found an overwhelming majority (96pc) want Britain to stay within the EU.

The findings come ahead of the Institute's Brexit event in the Westbury Hotel in Dublin this morning.

According to the survey, over half of Irish businesses will be impacted if Britain decides to leave the EU.

Over nine tenths believe the strength of the EU will be negatively impacted by an exit and 70pc believe it will lead to other EU coutnries seeking reform packages or exiting.

Institute of Directors chief executive Maura Quinn said Ireland very clearly has a strong interest in Britain's decision.

"The Brexit vote is clearly cause for concern among business leaders, the majority of whom believe that Irish businesses and the Irish Government need to step-up their preparations in the event of a UK vote to leave the EU.”

Philippe Legrain, senior visiting fellow at the European Institute of the London School of Economics, said the survey shows how concerned Irish directors are.

"At a time when the crisis-hit EU is already unravelling, Brexit could have disastrous repercussions. Every vote counts, so everyone with family, friends and contacts in Britain should try to persuade them to vote to remain in the EU."

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