SFA Brexit update
The SFA team together with our colleagues in Ibec are working very hard to address the concerns of the small business community in relation to Brexit. While ultimately a political solution to the impasse remains likely, the risk of ‘no deal’ is rising. If the UK crashes out of the EU, there will be immediate and far-reaching economic consequences. The Irish Government and the EU institutions must now set out in detail their plans for a possible disorderly UK exit. An extended transition period is vital in all circumstances, including ‘no deal’.
Ireland’s unique economic exposure to Brexit will demand very specific treatment. Keeping transport links and supply chains moving must be a priority. Key measures that Government would need to introduce in the case of a ‘no deal’ should include:
- A new enterprise stabilisation fund, to provide short-term financing support for affected companies
- Direct capital, marketing and innovations support for companies reorienting into new markets beyond the UK
- Allowing companies to claim VAT as an input credit, at the same time as declaring their liability, to minimise cashflow needs
- New trade support measures, including further export trade financing and export credit guarantees
To support you with your preparations for Brexit, we have a number of publications that you, as our members, have exclusive access to including the latest two page Brexit tracker and our SFA Brexit guide.
We are here to help so please feel free to contact us anytime with your queries or concerns.