Simon MacAllister, Partner and Brexit Lead for EY Ireland, comments on the UK’s Government announcement on the draft Brexit agreement

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Simon MacAllister, Partner and Brexit Lead for EY Ireland, comments on the UK’s Government announcement on the draft Brexit agreement

“Business will clearly welcome last night’s announcement, however many will also be reluctant to put contingency plans on hold until there is a stronger signal on whether this will hold politically in the UK and Europe.”

“The backstop guarantee is a positive development and there is much for firms operating on an all-island basis to be comforted by from this deal, not least the restatement that both sides intend to work towards a free trade agreement longer term, which should not be overlooked.”

“The scale of political uncertainty and the volatility which this creates can be seen in the significant currency fluctuations we have witnessed in the past 24 hours. Firms should not take this lightly and as such, factor these continued unknowns into their scenario planning.”

“On the positive side, businesses across the island have continued to expand and employ more people in the period since the Brexit referendum, which we remain hopeful they will continue to do as we look towards a further period of uncertainty. By focusing on business fundamentals and contingency planning, firms will arm themselves so that they are ready to act when the road ahead becomes clearer.”

Article Published: 15/11/2018