“Brexit is not something which is happening in two years, it is happening now”
This time last year the BBC was reporting that Northern Irish shoppers were heading South for bargains. Like the seasons themselves the border regions have become accustomed to currency fluctuations – sometimes benefiting the South and sometimes the North. This time though it’s Northern Ireland’s turn as shoppers flock for Christmas bargains. According to the Economic and Social Research Institute though the cyclical nature of the retail and trade exchange is over warning that the long term impact of Brexit on Ireland is severe. It says: ” This time is different, however. Previously bouts of Sterling weakness were cyclical. These recent changes represent a structural change in the strength of the currency.”
Meanwhile IBEC is predicting Euro/Pound parity in a report that warns of the cost in jobs as a result of a fall in exports, tourism and cross border shopping. It goes on to make a number of recommendations including urging the Irish Government to work at a European level on State aid rules given Ireland’s “extreme exposure” to the situation.
Michael Martin was arguing this point this weekend saying “Brexit is not something which is happening in two years, it is happening now”