Home Business Ireland panic: Business leaders fear talks will end in no deal Brexit

Ireland panic: Business leaders fear talks will end in no deal Brexit

The UK formally left the European Union and negotiations for a future relationship and trade deal with the bloc are still ongoing. Prime Minister Boris Johnson hopes to have everything tied up by the end of the transition period in December.

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But concerns of a no deal Brexit outcome have been raised according to a study by the Institute of Directors in Ireland.

The study found around 91 percent of Irish business leaders believe Brexit will have a negative impact in the short-term.

Up to 55 percent believe it will be negative in the long-term.

As negotiations between the UK and EU are set to come to an end in October, 64 percent of those surveyed do not think a deal will be reached.

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Irish business leaders fear no deal Brexit (Image: Getty)

Brexit negotiators David Frost and Michel Barnier (Image: PA)

Maura Quinn, chief executive of the Institute of Directors in Ireland, said: “The findings indicate little change in Brexit sentiment since the same quarter in 2019.

“This is further highlighted by the fact that the majority of business leaders in Ireland (64 percent) believes an agreement between the EU and UK will not be feasible before the end of the transition period in December.”

The research was carried out during the first week of July and included 3,000 members such as CEOs and company directors.

Earlier this month, potential issues with the Irish border appeared to have been put on the back burner.

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Boris Johnson aims to finalise deal by October (Image: Getty)

One of the main issues in the negotiations is fishing as the EU wants to maintain its rights over British fishing waters.

Under the controversial Commons Fisheries Policy (CFP), all member states are given access to EU waters via quotas.

As the UK has a large coastal area, critics have often argued the system is unfair.

Mr Johnson proposed a new customs border down the Irish Sea but Irish fisherman are urging for a decision to be made before the end of the transition period.

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Economic loss per EU member state if hard deal (Image: Express)

But Grainne Ni Aodha explained fishermen are nervous that, without a trade deal, Ireland’s fisheries could suffer too.

She said: “Over two-thirds of the EU’s fishing waters and two-thirds of the EU’s fishing catch, belong to Ireland and the UK.

“Around half of Ireland’s fishing catch takes place in UK waters.”

Now that the UK is leaving, the journalist explained: “Ireland’s fishermen and fishing industry are under threat of being locked out of waters that had been frequented by Irish trawlers long before either country joined the EU.”

Fishing rights continue to be main issue in talks (Image: Getty)

Once Britain leaves the bloc, Ireland risks no longer having access to the main two species it fishes, mackerel and prawns — 64 percent of Ireland’s mackerel and 43 percent of its supply of prawns are caught in UK waters.

Without access to UK waters the Irish seafood sector would halve in value in two years.

Sean O’Donoghue, of Killybegs Fishermen’s Organisation, previously said it would be disaster if a no deal Brexit goes forward.

He said: “We want the sustainability of the stock protected.

“[And] we want to know how many boats are going to be allowed to come into Irish waters if the English kick them out.

“That’s first and foremost, it’s called displacement.”

Source Daily Express :: City and Business Feed

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