Saturday 20 January 2018

More than six in ten companies believe a hard border post Brexit would be bad for their business

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Colm Kelpie

Colm Kelpie

More than six in ten companies quizzed for a survey believe a hard border post Brexit would be bad for their business.

It comes as a member of the Bundesbank – Germany’s central bank - said Brexit will not be a smooth process, and will either be a hard, or very hard Brexit

The survey by the National Standards Authority of Ireland (NSAI) found that more than half – 55pc - believed that Brexit as a whole would be a negative for their companies, although almost a fifth said it would have no impact.

Just over a quarter said they didn’t know.

The survey claimed 63pc believe a hard border with the North would be bad for business.

Some 385 businesses responded, of which 75pc were from Industry, 11pc were from a Government or state body, 1pc from academia and 13pc were classified as being ‘other’.

Meanwhile, the UK’s departure from the European Union is unlikely to go smoothly, according to Bundesbank board member Andreas Dombret.

“It doesn’t look like a soft Brexit to me at all,” Mr Dombret told Bloomberg TV.

“It looks like either a hard Brexit or a very hard Brexit.”

Mr Dombret said a hard Brexit would create a financial-stability risk for Europe, given the leading role of London in providing financial products used by companies across the continent.

“It’s very important from a financial-stability point of view that investment-banking products which have been offered through London will be offered somehow on the continent in a legal way for European corporates to buy them,” he said.

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