JUST one in ten Irish businesses are prepared for a no-deal Brexit, according to a new all-island survey.
InterTradeIreland’s has revealed that only 11 per cent of respondent have made any preparations ahead of leaving the EU without a deal. In relation to such a scenario, bigger firms with more more capacity are better prepared with 35 per cent saying they have made preparations.
Over four in five (82 per cent) cross-border traders, who are most exposed in the event of a no-deal, have not prepared for that outcome, while just 14 per cent of businesses trading cross-border have examined the impact of customs, while 12 per cent of respondents have looked at the effect of tariffs.
The latest all-island quarterly survey further shows that the business environment remains resilient, with 40 per cent of companies across the island reporting growth.
Optimism for the year ahead is, however in short supply with the number of businesses expecting an increase in growth over the next 12 months down to 2009 levels.
Dealing with Brexit is by far the biggest cause of this uncertain outlook, with almost two-thirds (60 per cent) of manufacturing firms citing it as tthe key issue they face, compared to 45 per cent overall.
Aidan Gough, InterTradeIreland’s director of strategy and policy said the lack of Brexit preparation is a concern.
“The disparity between businesses recognising Brexit as the key issue facing them and the number actually preparing for it remains a worry," he said.
"While we appreciate the uncertainty facing businesses and the constant challenge to win new and service existing orders, we nevertheless implore firms, particularly those that trade across the border, to make themselves aware of the issues that Brexit could pose for their operations and to explore mitigating options."
