Ibec, the group that represents Irish business, today welcomed the extension of the Brexit deadline until the end of October which they say avoids a catastrophic ‘no deal’ UK exit this week.
Ibec say businesses have already spent millions on contingency planning and would have preferred a deal, but that wasn’t politically possible. While the October deadline aims to keep the pressure on the UK, Ibec say business is also left to manage the rolling, costly uncertainty. A longer extension would have been preferable, according to the group.
In the meantime, Ibec say it is vital that the UK works in a positive spirit with the rest of the EU to ensure there is no disruption to the ongoing functioning of EU institutions.
Commenting on the matter, Ibec CEO Danny McCoy said, "While massive uncertainty remains, the right outcome is the most important thing for business. With the risk of an imminent ‘cliff edge’ gone, the UK must now chart a positive way forward. An orderly exit, legal safeguards to protect the Good Friday Agreement and close future EU-UK alignment remains the objective. It has been a frustrating and incredibly costly period for business, and there is still no clarity."
He added, "A ‘no deal’ outcome always lacked credibility, given the senseless damage that would be inflicted on both parties, but business was left with no option but to put in place expensive contingency plans. In many cases, the cost has run into millions."