Monday 18 March 2019

BREXIT: PwC urges Irish firms to continue growth plans

PwC's managing partner, Feargal O'Rourke.
PwC's managing partner, Feargal O'Rourke.

Michael Cogley

Financial services firm PriceWaterhouseCoopers has advised Irish firms to continue their growth plans while developing strategies to help deal with the fallout of the Brexit result.

The company was speaking after the UK voted in favour of leaving the EU, causing massive amounts uncertainty in global markets.

However, PwC maintains that the effect of the vote won't be felt for some time and that businesses need to keep performing strongly as they have been doing so far this year.

PwC managing partner Feargal O'Rourke said businesses need to consider the implications of Brexit and plan accordingly.

"Our  economy is performing at well over the average Eurozone GDP growth rate; 84% of Irish CEOs recently confirmed that they plan to grow revenues in the year ahead and 95% of MNC CEOs based in Ireland confirmed that their investment in the country is a success. 

"The terms of both the exit negotiations and the UK’s future relationship with the EU are likely to take several years to reach a resolution. In the meantime, we advise businesses to continue on their growth plans while developing strategies to help them manage  the range of uncertainties and challenges that are expected.”

Mr O'Rourke went on to say that following the last recession Irish businesses can withstand the effects of the vote.

“Many Irish businesses have come through the worst recession in decades and have shown great resilience.  I have no doubt that, with the right strategy and help, Irish businesses will navigate these uncertain waters and emerge stronger than before.”

Online Editors

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