The Irish Small and Medium Enterprises Association (ISME) has called on the Government to create to a dedicated unit within the Department of Jobs Enterprise and Innovation to coordinate activity to counter the negative effect of last week’s Brexit vote.
It has also called for, in particular, the immediate implementation of the Government’s ‘Plan B’, announced last week, in relation to the short-term effect of currency fluctuation for SME exporters.
ISME's CEO, Mark Fielding commented, “The immediate and short-term effect of a weaker sterling will have major implications for SME exporters and the Tourism trade, 41% of which is British holiday-makers.
"In addition border counties will be the first to feel the pinch of a prolonged devaluation of sterling. Similar interventions to those introduced in previous sterling devaluations must be considered in the short-term."
He added that it is essential that import prices are reflected it retail prices, and that Ireland not be seen as a "cash cow by Irish based UK multiples and department stores, and that the sterling devaluation is passed on and ultimately reflected in CSO inflation figures."
"ISME welcomes the thrust of the Plan B announced on Friday, however there needs to be one government minister placed in charge of the Plan for the longer term, to ensure action, co-ordination and responsibility are taken," concluded Fielding.
© 2016 - Checkout Magazine by Jenny Whelan