Brexit 'an imminent threat to Ireland’s economic security'
A new report is warning that Ireland must do much more to prepare for the serious economic threat posed by Brexit.
According to the National Competitiveness Council, we need to pursue polices that enhance our competitiveness performance.
Some exporters to the UK are reporting a near-20% reduction to the value of their exports.
Speaking at the launch of the 'Benchmarking Competitiveness: Ireland and the United Kingdom, 2017' report, Prof Peter Clinch, Chairman of the NCC noted that while the economy is in its strongest place since the onset of the recession, we are at a critical juncture.
“Brexit poses a serious and imminent threat to Ireland’s economic security," he said.
"We are on the verge of a structural shift in terms of our global trading relationships.
"This shift, arguably since independence, is paralleled only by our decision to open up to free trade in the late 1950s and our decision to join the EEC in 1973. But this decision - made by others - constitutes a serious threat to our trading relationships.
"In the run-up to, and post Brexit, we should expect the UK to intensify its investment in infrastructure, enhance and develop its tax and non-tax offering for enterprise, develop its skills and innovation base and expand its reach into new and existing markets. Ireland cannot afford to stand still.
"We can also expect other countries to continue to enhance their competitiveness positions.
"The challenges posed by Brexit provides urgent impetus to pursue policies that enhance our national competitiveness performance."
