Local Fianna Fail TD, Frank O Rourke, has supported calls for a dedicated unit comprising officials from both the Department of Finance and the Department of Jobs Enterprise and Innovation to be set up, which would coordinate an approach to counteract the negative impact of the Brexit vote for businesses exporting to the UK, including businesses in Kildare, and in particular to address the reduced competitive position as a result of the weakness in the sterling.
‘A number of businesses, including food related companies in the North Kildare area, have been in touch with me in recent weeks following the decision of the UK to leave the European Union (EU). The general consensus is that the overall economic fallout for Ireland will take time to become clear, but it will require careful management and in particular the weakness in sterling is causing a major concern as our exports are more expensive.’ according to Fianna Fail’s Junior Spokesperson on Financial Services, eGovernment and Procurement, Deputy Frank O Rourke.
“Much will now depend on the negotiations around the UK’s exit from the EU. However, it has the potentially to lead to a protracted period of uncertainty and instability in Europe and affect our relationship with the UK. The change in the value of sterling is making our exports more expensive and given that 40% of our food export are exported to the UK, the sterling weakness is causing an immediate concern for Irish food exporting companies.’
‘The immediate and short-term effect of a weaker sterling, and currency fluctuations, will have major implications for SME exporters and indeed for the Tourism trade here.’
‘Any reduction in our relative competitiveness, vis s via currency changes, is a huge concern for Kildare companies that export to the UK.’ Stated Deputy O’Rourke after meeting with Food companies in Naas on Monday.
‘I am calling on the Government to ensure that the currency fluctuation risk is managed in a collaborative fashion with the companies concerned. Having a dedicated unit set up to deal with the concerns of the affected companies, will bring focus to the issues that are affecting our exporting companies.’ Concluded Deputy O’Rourke.










