‘Brexit’ is ‘most significant risk for Irish economy’

McCann FitzGerald is the latest organisation to warn of the damage a so-called "Brexit" would have on Ireland's economy.

The law firm said on Friday that Britain's exit from the European Union is "probably currently the single most significant risk for the Irish economy and Irish business."

In a new report it said there is real concern that a vote to leave the EU by Britain would immediately lead to legal, regulatory, economic and political uncertainty.

McCann FitzGerald urged Irish companies to look at how it might be affected by a Brexit, warning that financial services sector companies in particular, could be adversely affected by a vote by the British electorate to leave the European Union.

Barry Devereux, managing partner at the firm, said the consequences of the UK exiting the EU in terms of corporate finance transactions should not be downplayed.

“A Brexit could have substantial influence on business confidence to enter into such transactions” he said.