Helping you get Brexit-ready
Britain’s indecision and divided political landscape over Brexit has created huge uncertainty for Irish businesses that depend largely on UK markets. As the months go by and political positions become more entrenched on all sides, an ordered UK exit from the EU seems less likely.
BKK’s Brexit Business Support can help you prepare your business for any Brexit outcome
Stay ahead of the curve and limit the impact of Brexit on your business by carefully considering the following questions
- Have you an All-Scenario Plan for Brexit?
- Have you evaluated other potential markets for your goods/services, to reduce your dependence on the UK market?
- Do you need to consider stockpiling raw materials or other supplies sourced in the UK?
- Have you a contingency to deliver goods to mainland Europe if UK ports become a bottleneck?
- Can your business survive further value fluctuations in sterling?
- Will emergency legislation impact on your business?
Hope for the best, plan for the worst!
In December 2018, the Irish Government published its Brexit Contingency Action Plan in preparation for a No-Deal Brexit – described by An Tánaiste, Simon Coveney, as a “sobering read”. Emergency legislation will be needed for a host of different situations, including keeping planes in the air, in and out of UK airspace. In total, there are 45 legislative changes outlined in the Government’s plan.
While politicians continue to assure us that they are working hard to avoid this scenario, they are now also making it clear that preparation for the worst outcome is a necessity.
Potentially Serious Impact
Up to 1,000 trucks travel by ferry from Dublin Port to Holyhead every day. 70% of the haulage traffic leaving Dublin, use the UK as a land-bridge to continental Europe.
Irish hauliers are deeply concerned that a no-deal Brexit will lead to unworkable delays at UK ports – delays of up to 48 hours currently experienced at custom posts on non-EU borders could soon be a reality at the UK border. Hauliers are already delivering huge quantities of non-perishable goods which are being stockpiled in both Ireland and the UK amidst fears of Britain crashing out of the EU.
The agri-food sector is expected to take a significant hit and various supports are already in place for this sector specifically.
Is Your Business Brexit-Ready?
If you don’t already have one, you need to act immediately to develop a plan that can be activated as required. Be prepared for all outcomes and evaluate all areas of your business that could potentially be affected. “What if” scenarios should be developed to evaluate the impact of different market forces or extra costs that may be incurred as a result of Brexit.
BKK can help you prepare your business for any Brexit outcome. We can:
- Assist with financial modelling for cash flow, profitability and sensitivity analysis around a range of different scenarios;
- Develop business plans to assist in reducing your dependence on the UK market;
- Reduce the time you need to spend on Brexit preparations – let us do some of the heavy lifting for you;
- Help connect you to various Brexit funding and supports available from government agencies, including InterTradeIreland, Enterprise Ireland, Bord Bia and SBCI Brexit Loan Scheme;
- Provide technical knowledge and financial market intelligence to help you prepare for interest rate or foreign exchange impacts of Brexit;
- Provide the peace of mind of knowing that you have considered all potential scenarios, made appropriate preparations and exploited all available supports.
For more information contact Barry O’Neill, BKK Business Support Manager and approved InterTradeIreland Brexit Service Provider, on 021 4350777, or email Barry on firstname.lastname@example.org.