Market Research Hub has included a new report in its repository titled ‘Brexit - One Year Later - Ireland - October 2017’. In this report, the effect of Brexit on Northern Ireland, Rest of Ireland and the United Kingdom is discussed. It has been discussed in the report that tourism will be one of the main sectors to have an impact of Brexit as the downward fall in the value of pound sterling will make Irish holidays dearer for the visitors from the United Kingdom. In addition, due to economic uncertainty, British people will be more cautious about discretionary spending and this may adversely affect the number of visitors from the United Kingdom. However, assuming that the pound sterling remains weak, it will become cheaper for the people of Ireland to visit the United Kingdom and especially holidays in North Ireland will become cheaper for the tourists.
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Effect of Brexit on Ireland
It is being reported that the economy of Ireland will be adversely impacted due to Brexit and if a deal is not reached between Ireland and the United Kingdom, it will further harm the Irish economy. Ireland represents the fifth-largest market for goods from the United Kingdom and is a significant partner of Northern Ireland’s exports and a deal that safeguards the interests of both the parties is badly needed. In addition, a hard border between Ireland and United Kingdom will give rise to new tariffs and paperwork, and this will result in slowing down of the trade between the two countries and also lead to added costs to consumers and business establishments. Meanwhile, there have been only vague reassurances from the British government to streamline the trade between the two countries.
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The report starts with an overview and covers important issues that have been included in the report. The report also gives an executive summary in which market factors are discussed. It is being stated in the report that Northern Ireland, Rest of Ireland and United Kingdom are dependent on trade with each other. Also, it has been stated in the report that farmers expect Brexit to impact their businesses. Also, it has been mentioned in the report that the business confidence in the United Kingdom will suffer a significant fall due to the adverse impact of Brexit. Also, the report states the description of the consumer finances compared to a year ago, in Northern Ireland and Rest of Ireland, September 2017. In addition, data has been stated which talks about how consumers feel Brexit will impact their future personal situation. This data is regarding NI and RoI, September 2017. It has also been stated in the report that consumers are uncertain about the Brexit impact on the economy. Moreover, it has been stated in the report that Brexit impact on sterling has a potential to benefit Northern Ireland. Also, the report states that Dublin is seeking to benefit from the departure of United Kingdom from the European Union.
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