Thursday 19 July 2018

Three in four Chambers members say Brexit transition should be more than two years

(Stock photo)
(Stock photo)
Ellie Donnelly

Ellie Donnelly

Three in four members of Chambers Ireland say that the Brexit transition period should last longer than two years.

Ahead of the EU Council meeting next week, the lobby group has published the results of a survey of the Irish Chamber Network, revealing that almost 100pc of Chambers members believe a transition period following the UK’s exit from EU next March will be necessary.

The Chambers said it continues to believe that Brexit will be a challenge for their members, with three quarters of responses confirming that Brexit presents more challenges than opportunities.

"Twelve months on from the UK Government’s decision to "trigger" Article 50, businesses are still no clearer on what the future trading relationship will look like,” Ian Talbot, chief executive of Chambers Ireland, said.

"This is significantly impacting upon investment decisions and the future planning of operations for businesses."

The biggest concerns cited by Chambers members in respect of Brexit were a return to a Hard Border with Northern Ireland, a reduction in trade in goods and services, and a negative impact on tourism in Ireland, according to the survey.

When members were asked how Government should support business in respect of Brexit, the majority were in favour of ongoing increased investment in capital infrastructure, maintenance of the 12.5pc corporate tax rate to secure increased foreign direct investment, and ongoing investment in trade finance to support market diversification.

"[Government] delivering upon committed increases to investment in infrastructure, particularly our roads and ports, remains vital and will ensure that businesses are better placed to adjust to the post-Brexit trading landscape," Mr Talbot said.

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