CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Ireland Brexit - this is not Mission Impossible
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Ireland Brexit - this is not Mission Impossible PDF Print E-mail
Tuesday, 26 January 2016

Commenting on the Irish Prime Minister’s visit to the UK, Ana Boata, European Economist, Euler Hermes, the world’s largest trade credit insurer, said: “Ireland strongly depends on the UK when it comes to trade and investment. Currently, 32% of total Irish goods are imported from the UK, which makes of Great Britain Ireland’s most important EU trade partner. Irish imports from the UK are concentrated on oil and higher value added products (electronics, chemicals, machinery and equipment) and could prove extremely difficult to substitute or to produce domestically if import prices increased and new tariffs were to be introduced in the UK.


“The United Kingdom’s exit from the EU would have both positive and negative effects for Ireland. In the short term, there will be painful economic dislocation as the two close trading partners adjust to the UK’s non-EU status and Ireland finds new markets. The longer term gain could include Dublin attracting significant investment flows from London, notably in the financial, chemicals and pharmaceutical sectors.”

“Increased uncertainty and delayed investments in the lead up the UK vote may lead to slower investment growth and higher export and import prices, which may generate higher inflation and slower down GDP growth. In the event of Brexit, Ireland would suffer higher energy prices and possible supply disruption as most energy imports come from the UK – Scotland supplies Ireland with 95% of its gas. The industrial and chemicals sectors are likely be impacted the most, as will the agrifood sector as much of Ireland’s food exports go to the UK. Longer term Ireland may become the US gateway to Europe to become Ireland instead of the UK, and Ireland will then attract additional investments.”

“A negative impact is likely to affect both imports and exports following a downsized UK financial market. However, substitution will be possible if Ireland manages to attract American investors. This is not mission impossible. Dublin’s financial sector, Ireland’s geographical location and the business-friendly tax system should all help. Further investment could be attracted in the high-tech and digital sector: the EU headquarters of U.S. giants Google, Facebook and Microsoft are already located in Dublin, while Apple is based in Cork.

“Irish GDP could fall by -2% in the first year after a Brexit and to gradually recover afterwards, provided Ireland replaces the loss in export market shares with the UK and attracts additional Foreign Direct Investment, including movement of London-based European banks to Dublin.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197