THE British-Irish Chamber of Commerce has called on the Irish government to set up a €1 billion 'Brexit Response Fund' to help businesses withstand a 'Brexit shock'.
The organisation - founded in 2011 to represent businesses and employers with interests in the two islands of Ireland and Britain - such a pot would assist the most vulnerable businesses through the Brexit period.
It made the call in its Budget 2020 submission presented to the Department of Finance, and insisted the fund should be be much broader in nature than the Dublin government's current loan scheme.
The Chamber's mission is to highlight, protect and grow the trade between Ireland (north and south), Scotland, Wales and England.
That trade, it claims, is worth more than €1.3 billion a week, or €70 billion a year, and supports 400,000 jobs, evenly spread between the two islands.
It said the Brexit Response Fund should contain supports such as:
• Resource workers and companies that need to introduce new training/upskilling programmes to address impending Brexit challenges;
• Introduce a support grant for Irish SMEs which export to the UK;
• Introduce a customs voucher scheme to support Irish companies dealing with customs processes for the first time;
• Offer financial support for the freight and haulage 'intermediary' sector in Ireland;
• Make readjustment supports available to workers who may lose their jobs as a consequence of a no-deal Brexit;
• Invest in recruitment and training of official agents with responsibility for ensuring compliance with food and drug safety rules and quality standards.
The Chamber's director-general John McGrane said: “Budget 2020 will be one of the most consequential budgets in the history of the state. Ireland is facing the real and growing prospect of a ‘no-deal’ Brexit outcome that will place untold obstructions on UK-Ireland trade. At this critical time, we have to balance short-term uncertainty with long-term imperatives.
“In the shadow of ‘no-deal’, our members are requesting the government to do more to reassure businesses as they prepare for all eventualities.
“By redirecting €1bn from the larger than expected corporate tax intake into a Brexit Response Fund, the government can shore-up indigenous businesses which are most at risk from a disorderly Brexit. From the agri-food sector to freight and haulage, SMEs across Ireland will need urgent protection.
“But we must not lose sight of the importance of east-west trade post-Brexit and the unparalleled cultural relationships between the two islands. Closer collaboration in research and innovation can underpin our future economic relationship with our nearest neighbour.
“By forging a UK-Ireland bilateral research stream and investing in a new North-South Academic Corridor, we can shape a common-sense future with the UK – deal or ‘no-deal’.”
The recommendations in its Budget 2020 submission by the British Irish Chamber of Commerce are the culmination of policy seminars, stakeholder engagement, expert analysis and input from the Chamber’s 10 policy committees and membership base.
