Brexit was clearly a disaster for the UK economy, but new data reveals an export uplift for some but not all Irish businesses.
More than half of Irish businesses experienced growth in their exports in the five years since Brexit, versus 30% who believe Brexit had a detrimental effect.
The survey of 152 business and IT leaders in Ireland, carried out by Censuswide on behalf of tech consultancy Expleo, suggests that the impact of Brexit continues to be felt by businesses in Ireland.
“Whether they wanted Brexit or not, organisations across Ireland, as well as those in the UK, have had to adopt new ways of doing business”
However, businesses were often split on whether it has harmed or enhanced their operations.
Nearly half (45%) of business and IT leaders say that Brexit has made them more competitive as a business, however almost the same proportion (44%) feel it has made them less competitive.
Similarly, half are of the opinion that it has positively impacted their supply chain, yet 41% feel it has had the opposite effect.
Brexit’s silver lining: Talent
The research suggests that Brexit may be having a positive impact on talent shortages among Irish businesses.
More than half (55%) of Irish business leaders said that they now have more access to talent. In contrast, 38% say they have less access to talent.
While the research outlines some positive corollaries of Brexit, the majority (60%) of businesses in Ireland are in agreement that it has directly led to increased costs. Just over a third (36%) say Brexit has resulted in decreased costs for their business.
“The business landscape is always shifting, with the introduction of new regulations and legislation playing a significant role in shaping it,” said Expleo Ireland managing director Phil Codd.
“At Expleo, we see every day how technology and transformation support businesses at times of change when it comes to risk and compliance. For many, this was the focus as Brexit approached and in its aftermath. While many raised concerns about the economic impact that Brexit would have on Ireland, our research shows that there have been some positive outcomes. This, we expect, owes to the fact that businesses here prepared, partnered with experts, and worked hard to mitigate any harmful effects they foresaw.”
“However, the reality of Ireland’s close economic ties with the UK has meant that regardless of mitigation plans, not all businesses have seen an upside. Whether they wanted Brexit or not, organisations across Ireland, as well as those in the UK, have had to adopt new ways of doing business. It is heartening to see that many businesses have been bold, embracing this challenge as an opportunity to flip the script and leverage it to pursue growth.”
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