Sunday 24 March 2019

Brexit limbo affecting businesses in Cork

Maria Herlihy

With the uncertainty of Brexit, there has been an increasing number of Cork businesses who are delaying capital projects. 

That is according to John Ryan, AIB's Brexit Advisor for Cork.

"The business community in Cork are beginning to understand the systemic impact of Brexit on SMEs, given the supply chain reliance on the UK which will in turn add cost to businesses," he said.

"We encourage customers to review their business model in light of Brexit and consider the possible impact on their working capital, in particular." 

Mr Ryan said their online Brexit Ready Check is a quick, useful and free tool which  can help support SME customers in understanding their business exposure to Brexit. 

The AIB Brexit Sentiment Index for Q4 2018 reveals that 35% of SMEs in the Republic of Ireland (ROI) and 40% in Northern Ireland (NI) that had planned to expand or invest in their business have either cancelled or postponed investment plans due to Brexit. 68% of SMEs in ROI believe Brexit will have a negative impact on their business in the future, with businesses in NI notably more optimistic.