Source: IBEC’s long wish list
Employers’ federation IBEC surveyed 400 Irish CEOs within two weeks of the British referendum and right away they identified a potential fault line in the national response. Unsurprisingly there was a focus on immediate impacts and specifically on the fall in the value of sterling, but indigenous firms were much more worried about currency fluctuations than multinationals. indigenous firms only account for 15% of exports to the UK but they employ as many people as the multinationals who provide 85% and spend as much in the domestic economy. IBEC has a lengthy list of measures it thinks government should take and some of them are rather predictable – labour costs must be held down and increases in the minimum wage judged in the Brexit context – but all in all this is essential reading for anyone who wishes to understand the breadth and depth of the Brexit challenge.