Sophrosyne
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Two articles from the Irish Times both predicting pain for Ireland in the event of Brexit.
Ireland likely to be Brexit’s silent victim
“Ireland’s high exposure to “Brexit” risk is set out in new research by Oxford Economics, a consultancy linked to the Oxford University business school.
Leaving aside the potential impact on Britain itself, the study finds Ireland is more susceptible than any other country in an exit scenario. Such findings mirror similar research by the London School of Economics published last week. “
Ireland’s biggest companies begin to feel chill wind of ‘Brexit’
“Ireland’s largest companies are beginning to feel the effect of Britain’s division over whether to remain in the European Union.
Concern about the outcome of the UK referendum in June has helped push the pound down 10 per cent against the euro since November. About 60 per cent of Irish companies selling goods overseas are already affected, according to a national trade association.
“Sterling has deteriorated and that’s tough for Irish exporters,” Richard Pym, the English-born chairman of Allied Irish Banks, said in an interview in Dublin this month. “Upon Britain leaving EU, one would anticipate that sterling would come under pressure again. “
Dublin-based Dalata Hotel Group, which operates in London, Manchester and Leeds, warned this month that the UK might generate less revenue as sterling slides. Ryanair Holdings gets about 27 per cent of its sales from the UK and will be the biggest Irish loser along with drinks company C&C Plc and agricultural products company Origin Enterprises, according to securities firm Investec.
“We don’t think it would have an immediate impact on our business,” Ryanair’s chief marketing officer, Kenny Jacobs, said in an interview with Bloomberg Television. “In the medium and longer term, it would create some uncertainty if Britain were outside of Europe.”
Not all Irish companies will lose out from a depreciating pound, and Paddy Power Betfair, DCC and Grafton could even gain. All three have substantial operations inside and outside the UK and they now report their earnings in pounds.
Ireland likely to be Brexit’s silent victim
“Ireland’s high exposure to “Brexit” risk is set out in new research by Oxford Economics, a consultancy linked to the Oxford University business school.
Leaving aside the potential impact on Britain itself, the study finds Ireland is more susceptible than any other country in an exit scenario. Such findings mirror similar research by the London School of Economics published last week. “
Ireland’s biggest companies begin to feel chill wind of ‘Brexit’
“Ireland’s largest companies are beginning to feel the effect of Britain’s division over whether to remain in the European Union.
Concern about the outcome of the UK referendum in June has helped push the pound down 10 per cent against the euro since November. About 60 per cent of Irish companies selling goods overseas are already affected, according to a national trade association.
“Sterling has deteriorated and that’s tough for Irish exporters,” Richard Pym, the English-born chairman of Allied Irish Banks, said in an interview in Dublin this month. “Upon Britain leaving EU, one would anticipate that sterling would come under pressure again. “
Dublin-based Dalata Hotel Group, which operates in London, Manchester and Leeds, warned this month that the UK might generate less revenue as sterling slides. Ryanair Holdings gets about 27 per cent of its sales from the UK and will be the biggest Irish loser along with drinks company C&C Plc and agricultural products company Origin Enterprises, according to securities firm Investec.
“We don’t think it would have an immediate impact on our business,” Ryanair’s chief marketing officer, Kenny Jacobs, said in an interview with Bloomberg Television. “In the medium and longer term, it would create some uncertainty if Britain were outside of Europe.”
Not all Irish companies will lose out from a depreciating pound, and Paddy Power Betfair, DCC and Grafton could even gain. All three have substantial operations inside and outside the UK and they now report their earnings in pounds.