Brexit triggers ‘unwelcome’ instability for Ireland and EU

Irish business group Ibec has described the UK’s vote to leave the EU as a “very significant blow” that will lead to a “protracted and unwelcome” period of uncertainty and instability.

The influential group called for the Irish Government, EU institutions and central banks to minimise financial, economic and political instability and ensure Irish interests are safeguarded during exit negotiations.

Ibec’s CEO Danny McCoy said: “Ireland will be impacted more than other countries by the UK’s decision to Leave.

“It is vital we play a central role in exit negotiations. Our unique economic concerns need to be heard and fully understood, and our interests fully safeguarded in any final agreement.”

Mr McCoy called for acrimony to give way to pragmatism and for a mutually beneficially arrangement between the EU and UK to be reached.

However, he added that the range of “competing interests and concerns” would make findin such an arrangement “a difficult task”.

“Whatever the outcome of negotiations, the vote will fundamentally change our relationship with our nearest neighbour and most important trading partner,” he said.

CEO of the Restaurants Association of Ireland, Adrian Cummins, expressed his disappointment at the outcome of the UK referendum, saying the shock decision had “major implications for Irish Tourism and the Restaurant Sector”.

“It is imperative the Irish Government give a clear signal on issues of major importance to the restaurant sector, our trading relationship with the UK and Northern Ireland, and the EU budget,” he said.

“The Restaurants Association is calling for a clear strategy to how the Irish are to deal with Brexit and minimise damage to Irish tourism.”

Some three million British holidaymakers visit Ireland each year, and Mr Cummins said falls in the value of Sterling would make travel to Eire more difficult for UK tourists.