iReach Insights Press Release
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- 33% expect Brexit to have a negative impact on their company's business activity.
- 23% state that their company is already experiencing negative consequences because of Brexit.
- One in four companies have a plan for Brexit to make sure that it is ready for the changes that lie ahead.
- 76% of business decision makers think that the United Kingdom’s decision to withdraw from the EU won’t prove to be the right decision in the long term
- 37% of people think that Brexit will create more jobs in Ireland.
After the Brexit referendum on the 23rd June 2016 which showed that 51.9% of all British Citizens wanted to leave the European Union. Brexit has been a major concern not only for the British but also for people from all over Europe. Due to its geographic position and close trading ties with the UK, Irish companies are even more affected by the Brexit than their European partners and competitors. In a recent survey, Ireach Insights asked over 150 Irish Business Executives about their views on Brexit and what it means for business in Ireland.
The survey questions were included in a Business to Business Standalone 15th November and the 30th November and has a 3% Confidence Interval and 95% Confidence Level.
33% of business executives in Ireland expect Brexit to have a negative impact on their company’s business activity. 32% don’t think Brexit will have an impact at all, 28% this it will have equally positive and negative impact on business activity and only 8% think it will have a positive impact.
Over 1 in five (23%) state that their company is already experiencing negative consequences because of Brexit.
Of those (23%) already experiencing negative consequences, the Top 3 areas are Reduced Business Activity (30%), Impeded decision-making due to frequent currency fluctuations (28%) and confusion or delays in setting up future business strategies (23%). Other areas that are affected are loss of or other issues with supply chains (20%), non-planned increase in operational expenditures (20%), low employee morale due to insecurities about the company’s future (13%) and reduced levels of operational profit (8%).
When looking towards the future and planning for Brexit, only one in four companies have a plan for Brexit to make sure that it is ready for the changes that lie ahead. 40% have no plan and 35% aren’t sure whether there is a plan or not. The Top 3 areas people think further investment should be in: Skilled Workforce (24%), Expansion to new Foreign Markets (19%) and Research and Development (14%).
Overwhelmingly, 3 quarters (76%) of business decision makers think that the United Kingdom’s decision to withdraw from the EU won’t prove to be the right decision in the long term. 15% are unsure whether or not it will prove to be right for the UK and 9% think it will be. Although the majority don’t think that it will prove to be the right decision, 31% do agree that the United Kingdom is strong enough to remain economically competitive and successful without the rest of Europe.
Despite the concerns some people may have about Brexit, 37% of people think that Brexit will create more jobs in Ireland. 78% of people think that Irelands biggest competitive advantage in luring more multinational giants from the UK is mainly our low tax rates and well-educated, English speaking workforce.
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