‘Brexit-proofed’ Budget will support firms exporting to UK

The Government will introduce a number of “Brexit-proofing measures in the Budget” next week “to support in a tangible way Irish firms exporting to the UK”, Taoiseach Enda Kenny has told the Dáil.

He was responding to Fianna Fáil finance spokesman Michael McGrath who warned Brexit “really is a doomsday scenario for many businesses”.

Mr McGrath said that thousands of Irish firms were dependent on the UK market, with “many mortgages, wages and salaries” dependent on access to it.

The Cork South-Central TD said tangible supports were vital to assist the firms.

“We all know the pressures on the agri-food industry,” because of the UK’s vote to leave the EU and the resulting currency problems, with Mr McGrath citing the problems already arising in the mushroom sector.

He said that many businesses would be going to the banks looking for loans and supports.

The banks would be saying they could not be sure the firms would have the funds two years down the road because of tariffs and customs being imposed on business with the UK, he said.

Mr Kenny said the question of Brexit would not become a central focus at EU level until March 2017, when Britain triggered the move to leave.

“We have put in place a whole series of agendas to deal with the issues that are arising,” he said. They are looking at financial assistance for small firms.

He acknowledged that 200,000 jobs were dependent on access to Britain and the evidence of jobs being lost in areas such as agriculture.

But he said Enterprise Ireland, in terms of exporting, and the IDA in terms of attracting firms to Ireland, were optimistic.

He said Enterprise Ireland believed there was a bright opportunity for Irish firms to expand in the years ahead.