Three-quarters of Irish business leaders believe it will not be possible for the UK and the EU to agree a Comprehensive Trade Agreement on Brexit by the end of the year.
One-third (33%) of Irish business leaders believe that it will not be possible to agree a Free Trade Agreement on Brexit by the end of the transition period of 31 December 2020; a further 42% believe only a partial deal will be possible. This is according to a PwC poll carried out at their client webcast this week which today’s focused on Brexit and heard views on the latest in the negotiations from Minister for European Affairs Helen McEntee TD; UK Ambassador to Ireland Robin Barnett and Hugh McGuire CEO of Glanbia Performance Nutrition.
Two-thirds (66%) reported to be ‘somewhat’ prepared or ‘not prepared at all’ for a no-deal Brexit. The biggest concerns if a deal cannot be agreed are cost increases (64%), supply chain disruption (56%) and more job losses (36%).
David McGee, PwC Ireland Brexit Leader, said: “Businesses have had to cope with unprecedented challenges since the onset of the COVID-19 pandemic, which no-one could have anticipated or controlled. And we saw many businesses put their Brexit plans into action to manage COVID-19. It is paramount now that further changes and uncertainties for businesses are minimised. Clarity is needed more than ever. But according to our survey a full comprehensive trade deal is considered unlikely. We urge all businesses to step up their brexit plans, including dealing with the new UK Global Tariff, so that they can be as prepared as possible for a no deal or a limited deal on 1 January 2021.”
“While businesses across all sectors are already facing disruption, the ticking clock of Brexit requires that plans and contingency options are reconsidered now as a matter of urgency.”