Dr. Edgar Morgenroth:

I would like to pick up on those points as well. On the issue of the UK not leaving, Mr. O'Brien is right in pointing out that this is a very complex area and when the implications are clear to people, they may change their minds. However, there is also a danger that the negotiations when they start, because they are so wound up in detail, could be quite acrimonious. In fact, we could by accident end up with no agreement and default to a WTO situation. There is considerable scope for things to go one way or the other.

The scope for mitigation is limited but there are opportunities, as we have already pointed out, for example in the area of FDI. There are also opportunities in the area of education as Mr. McGrane has pointed out. There is scope for Ireland to attract additional students, on which the UK seems to be changing its mind. In the past it has been very strong at attracting highly talented students from around the world. Those could potentially be attracted to Ireland, which would be an obvious benefit to us.

We know from the data that SMEs are much more exposed to the UK market, with a greater share of their exports going there. They tend to operate in sectors that are likely to be more affected. There is some scope for policy to help them diversify their markets to help reduce that effect. There is a little bit of time to play at this point. We do not have a Brexit yet; it will be two years and a bit if it is going to happen. There is scope for policymakers to get involved there.