EY Ireland reaction to the triggering of Article 50

Michael Hall, Head of Markets, EY Ireland comments:

Theresa May’s comments today that there will not be a return to the borders of the past between Northern Ireland and the Republic of Ireland are very welcome. Given the significant social, political and economic impact that a hard border could bring, it will be essential to ensure that as Brexit negotiations continue, there is limited impact on the free movement of labour and trade in order to maintain sustained economic activity on both sides of the border.”

While this is positive news, the triggering of Article 50 is just the beginning of a long process. Complex negotiations will continue for the next two years, therefore businesses must keep a close eye on developments over the coming weeks and months to see what changes may emerge that could have an impact on their trade and business operations. It’s therefore important that businesses use this time to carry out scenario planning should the impending negotiations have an impact on key areas such as customs, supply chain, the movement of labour or indeed future divestments and/or acquisitions.

During such a period of uncertainty, this preparatory work will allow businesses to assess their risk exposure and will prepare them to withstand a number of eventualities now and into the future.”

Article Published: 29/03/2017