Ibec, the group that represents Irish business, has said that the slow progress of Brexit negotiations reinforces the need for 'decisive action' in the country's upcoming budget.
The group says that Ireland must prepare for a 'potentially damaging UK exit', and has set out a series of measures to address any risks, including supports to help companies trade through disruption periods, and adapt into the future.
"Negotiations have yet to provide any clarity as to what future EU-UK relations will look like," said Gerard Brady, Ibec's head of tax and fiscal policy.
"While we must work to ensure a close, positive relationship into the future, the risk of a divisive divorce is very real. We cannot afford to simply wait to see what happens. The government must introduce a range of measures to ensure the economy is prepared for all eventualities."
New Framework
Ibec is now calling on the Irish government to support businesses during this period, and put a framework in place for funding Brexit mitigation.
This includes introducing trade support measures, extending low cost loan schemes, increasing supports for market diversification, and introducing additional marketing and innovation supports.
“Brexit involves an unprecedented fracture of the Single Market, with Ireland particularly exposed," added Brady.
"It is vital that both EU institutions and our own government fully appreciate the potential for economic disruption and take decisive steps to offset such risks."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
