Gerard O’Brien.
THE UK’s decision to leave the European Union could have an immediate impact on medium or large businesses thinking of making investments according to a prominent cross border accountancy firm based in Belleek and Derrylin.
Gerard O’Brien, who whose clients span both sides of the border says that businesses could stall or postpone their plans.
“Just when the economy has been improving after the recession and businesses are seeing an improvement in their turnover, a decision like this will have a real affect on them. We’ve just been coming out of the last serious depression and this is the last thing the business community needs now,” he said.
Like many, Mr O’Brien was a shocked when he heard the news early on Friday morning.
“My initial reaction was extreme disappointment because it leaves us with a lot of uncertainty,” he said.
“Already that has been reflected in the stock markets and exchange rates.”
He believes this decision to leave will make it very difficult for people and businesses close to the border and will affect their movement in terms of customs and border controls.
“One of the main benefits of being in the EU was free movement of goods, services and people,” he said. “If you look at the exchange rate it will affect a lot of businesses on both sides the border. From a pricing point of view costs will stay the same or increase.
“For any business exporting and importing they don’t know what the long term effect is going to be. Will there be customer controls and tariffs and will goods and services become more expensive?” Mr O’Brien.
Turning to agriculture Mr O’Brien said the majority of farmers income came from EU via subsidies.
“Now that the UK is out of the EU and those subsidies will no longer apply, how will that income be sustained.
“This decision will have a direct impact on the incomes of farmers now. A lot of the farming in this county which is one of the most economically deprived regions in the United Kingdom and Europe.
“That income is going to have to be guaranteed by the UK government otherwise it will have a massive detrimental affect on the farming industry here,” said Mr O’Brien. “But it’s the fear and uncertainty that will affect everyone.”