Mr. John McGrane:

To add to what has been said in response to the question on opportunities, there already are some Irish firms in professional services supplying services to UK companies where those UK businesses are now coming under pressure inside their own market for lack of business locally because some major projects have been cancelled or deferred. Business has a political element and it responds practically right away to the circumstances. I can give a characterised example around an Irish project management firm working with a UK construction firm. The UK construction firm is seeing a fall-off in local demand for major projects, including civil and other elements. Arising from that firm's scale in the UK, it also has the ability to perhaps contract for business in the Middle East. Both of those firms are now working together in the Middle East on contracts outside the EU. They already have a successful partnership and they both responded to uncertainty and reduced demand in the near market by travelling further afield together. I would not underestimate the inventiveness and skill level of many of our great businesses in that regard.

The UK gets 53% of its imports from the EU, which is a very substantial amount of product coming into the UK from EU countries, the greater part of which is not from Ireland by definition but from other EU countries. There will be very good opportunities for Irish businesses who establish a base inside the UK to replace some of that EU import business in areas where we have a competence.. There are many ripple effects from what has been happening already. For Irish businesses that are ambitious, reasonably funded and intent on building good relationships to extend their businesses, there are opportunities to work inside the still very large UK market of 60 million people to pick up the business the UK will still need to be provided for, to replaces others who may lose that business.