Price hikes cited as the biggest Brexit concern by over 40% of businesses

  • Post author:
  • Post category:Ireland

Greater than two fifths of companies cited a rise in costs as their largest Brexit concern in 2021, a brand new examine has proven.

survey carried out amongst small and medium enterprises (SMEs) by the Central Statistics Workplace (CSO) discovered 42% reported value hikes as their largest fear.

Problem in transporting items to and from the UK was the second largest Brexit concern, cited by 38% of SMEs.

Over a fifth, 21%, reported {that a} decline in enterprise was their main concern linked to the UK’s departure from the EU.

CSO statistician Sorcha O’Callaghan stated: “In all sectors, 5% or less respondents believed that Brexit would have a positive impact on business in 2021.”

Regardless of this, the vast majority of SMEs, some 60%, admitted to taking no steps to organize for Brexit.

Simply 1% of companies surveyed reported availing of Brexit-related monetary assist schemes from Authorities.

Solely 3% stated they’ve began shopping for or promoting into new markets.

RELATED :  Biden urges world leaders to join him after US pledges 500 million vaccines

New suppliers have been sought by 13% of respondents, whereas 8% elevated their preparedness for brand new customized procedures and duties.

However 60% stated they’ve taken no steps.

Fears over rising costs are most acute within the building sector, the place 65% of companies ranked it as their primary problem.

Within the providers sector, 38% of respondents reported that issue in transporting items to and from the UK is their largest concern, adopted by a rise in costs, 36%, and a decline in enterprise from UK clients, 26%.

Nearly half of respondents, 47%,  in trade reported that transporting items to and from the UK is their largest concern.

Companies have been additionally quizzed on what steps that they had taken to mitigate the uncertainty created by Covid-19 and Brexit.

Nearly two fifths of respondents, 39%, reported taking no steps.

Over a tenth, 11%, reported laying of staff in consequence.

The most typical response was pausing or cancelling investments, cited by 13% of enterprises, and implementing pay freezes, cited by one other 13%.

RELATED :  Gardaí to prepare file for DPP after releasing Cork solicitor without charge

Others reported rising digitisation, cited by 12% of companies.

In all sectors, 5% or much less of these surveyed believed that Brexit would have a constructive affect on their enterprise in 2021

Greater than half of these within the wholesale and retail commerce, 60%, and the trade sectors, 58%,  believed that Brexit would have a damaging affect on enterprise in 2021.

The determine was 46% for respondents within the building sector.

The net survey was despatched to a pattern of 8,000 companies and the data was collected within the first quarter of 2021.