The Small Firms Association has today claimed the UK’s vote to leave the EU creates significant challenges for small businesses in Ireland.
They have warned of the "severe pressure" this morning on Irish exporters and all companies that compete with UK firms as a result of the Sterling movements.
The SFA have also claimed that the UK's tax treatment of entrepreneurs and small business is already more favourable than Ireland's and this vote means the UK is likely to further improve its offering and intensify the competition with Ireland as a business hub.
Director of the Small Firms Association, Patricia Callan commented, "Small firms will feel the impact of the vote most severely, as they don’t have the same degree of mobility or diversification as larger companies."
She added, "For many Irish small businesses, the UK is their first and often their only export market. The survival of many businesses is dependent on UK suppliers, investors and customers, so this outcome is particularly worrying for them."
Source: www.businessworld.ie
