The Institute of Directors in Ireland (IoD) have today released a survey which finds that 9 in 10 directors and business leaders are concerned about a potential UK exit from the European Union and the vast majority believe it would have a negative impact on Ireland’s economy.
The findings are released as the IoD hosts an event for 200 business leaders in the Westbury Hotel in Dublin this morning on the risks and implications of Brexit, with guest speaker, Philippe Legrain, senior visiting fellow at the European Institute of the London School of Economics and former economic adviser to European Commission President, Jose Manuel Barroso.
In an Irish context, the vast majority of business leaders surveyed believe a UK exit from the EU would have a negative impact on Ireland’s economy and 81% say the Irish Government and its institutions are inadequately prepared in the event of a UK vote to leave.
In addition, 79% of business leaders surveyed believe that Irish businesses are unprepared to deal with the potential consequences of a UK exit from the European Union, with the issue of Brexit having been discussed at board level in two-thirds (66%) of organisations, however, just 12% report that their organisation has put contingency plans in place in the event of the UK voting to leave the EU on 23rd June 2016.
This is of concern given that 63% of directors surveyed say they have direct business interests in the UK, while 1 in 2 (48%) believes their organisation will be impacted by a UK vote to leave and of those, 88% expect a moderate to significant negative impact.
Almost all directors surveyed (91%) are of the view that the overall strength of the European Union will be negatively impacted should the UK vote to leave and a further 70% believe that such a result could lead to other EU countries seeking reform packages or exiting.
Chief Executive of the Institute of Directors in Ireland, Maura Quinn said, "As the UK’s nearest neighbour, with strong economic ties, trade and business interests, Ireland has a very significant interest in the outcome of the upcoming UK referendum on EU membership."
She added, "The Brexit vote is clearly cause for concern among business leaders, the majority of whom believe that Irish businesses and the Irish Government need to step-up their preparations in the event of a UK vote to leave the EU."
Source: www.businessworld.ie
