Business

'Cooperate on Brexit issues or be left behind' says accountants chief

Liam Lynch, president of Chartered Accountants Ireland
Liam Lynch, president of Chartered Accountants Ireland Liam Lynch, president of Chartered Accountants Ireland

THE country’s largest and longest-established professional body of accountants is urging political parties in the north to redouble their efforts to secure agreement by the late June deadline - otherwise the region could be left behind in Brexit preparations and negotiations.

And Chartered Accountants Ireland (CAI) president Liam Lynch went as far as to warn: "The fact that there is no devolved government is having an extremely detrimental effect on planning for Brexit.

"So it's vital that all institutions involved appreciate and address the extreme gravity of the EU negotiations and put aside posturing and politics to deal with the issues for the betterment of their constituents.

Mr Lynch was speaking ahead of the Institute’s annual conference taking place in Galway today (the CAI has more than 3,000 members in Northern Ireland.

As well as urging all parties in Northern Ireland to resolve the impasse "for the good of both jurisdictions on the island", the Institute is also calling for the negotiations between the UK and the EU to be conducted in an atmosphere which is constructive and respectful.

“The language used in the public utterances of several of the key figures suggests that there is a real possibility that the breaking of links between the UK and the EU will be sudden and final, without any phasing in or transitional arrangements," Mr Lynch said.

"We must do everything we can to ensure that Irish business, north and south of the border, is prepared to handle Brexit shocks.”

Brian Keegan, director of public policy and taxation at CAI, added: “We are looking for practical solutions to the issues raised by Brexit. There is a knowledge deficit when it comes to dealing with the realities of cross border trade and customs post Brexit.

"We are working towards a programme of education and resourcing to assist smaller businesses in particular adapt to the UK’s departure from the EU.”

The call from Chartered Accountants Ireland comes as it brings together a panel of industry leaders, thinkers, and experts from the worlds of business, technology and sport for its flagship annual conference.