Accountants advise farmers to hold off on all significant investments until the Brexit fog clears

John Donoghue CEO of IFAC said businesses should carry out a full financial review immediately to ensure that sufficient bank supported financing is in place for at least the next twelve to eighteen months. Stock Image
John Donoghue CEO of IFAC said businesses should carry out a full financial review immediately to ensure that sufficient bank supported financing is in place for at least the next twelve to eighteen months. Stock Image
Ciaran Moran

Ciaran Moran

Farmers have been warned to hold off on any significant investment decisions until the Brexit fog clears.

Farming, food, and agribusiness accountancy group, IFAC has said supply chains and logistics will be severely disrupted by a hard Brexit and they should be restructured as a matter of urgency.

John Donoghue CEO of IFAC said businesses should carry out a full financial review immediately to ensure that sufficient bank supported financing is in place for at least the next twelve to eighteen months.

"We are working hard with clients to put their Brexit plans in place, the sector needs all the support it can get right now," he said.

He welcomed the comments made last night by the Taoiseach Leo Varadkar TD that the Irish Government has alerted the European Commission of its intention to seek emergency aid for the beef, dairy and fishing sectors in the event of a no-deal Brexit.

"This commitment of the Taoiseach to secure emergency EU aid for Irish farmers in the event of a no deal Brexit is very welcome news for a sector that is under massive pressure.

"Ifac offices around the country have been working hard with clients in recent weeks to address their Brexit concerns; farmers, food and agribusinesses are particularly worried about how they can protect their incomes and businesses if a no deal Brexit becomes a reality.

"Developments in Westminster overnight aren’t helping drive any confidence that a disorderly Brexit can be avoided. A crash out Brexit feels within touching distance and that, for the Irish farming, food and agri-business sector, is the nightmare scenario.

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"The sector is one of Ireland’s largest employers and the bedrock of the rural economy with an estimated one in seven jobs outside of the greater Dublin area in this sector alone.

"We must now put a protective ring around the sector and the many thousands of jobs it creates and sustains," he said.

Online Editors


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