A new members’ survey produced by the Association of Chartered Certified Accountants (ACCA) has found that uncertainty over the outcome of Brexit negotiations is driving a fall in Irish business confidence.

Nearly half of respondents in Ireland (45%) said they were feeling less confident than a year ago with 15% of businesses saying they were ‘much less confident.’ Business uncertainty caused by the Brexit process was the biggest driver cited by nearly a quarter of respondents, followed by concerns over single market access and maintaining UK-EU supply chains.
 
Nearly a fifth (19%) of businesses reported improving confidence compared, with over a third (35%) stating there had been no impact. More than half (63%) in Ireland saw no opportunities for their organisation from Brexit.

Commenting on the research, Head of ACCA Ireland, Liz Hughes said, "The loss of confidence across Ireland is a cause for concern. Professional accountants are embedded in every sector and industry and their views represent an important snapshot from the front-line of the wider economic outlook. You can clearly see that uncertainty is the main driver and is no friend of business. Seventeen months on from the referendum the UK Government’s preferred direction of travel on Brexit remains unclear."

She added, "The total cost in terms of investments delayed and decisions not taken is much harder to measure, but what we do know is that this uncertainty is affecting business decisions now not only in the UK but in Ireland also."

Source: www.businessworld.ie