Oireachtas Joint and Select Committees

Tuesday, 6 December 2016

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Economic Impact of Brexit: Discussion (Resumed)

11:00 am

Mr. Máirtín Ó Muilleoir:

It is too early to say. We are under a lot of currency pressures. The dollar is the strongest it has been in my adult life and that will provide its own sets of pressures. I just wonder how long it will take for this to stabilise. There needs to be an equilibrium if we want to have successful businesses, especially around the Border. With the lack of an equilibrium, one year one side of the Border gets all the weddings and celebrations and the other side does not. That is no way to build a stable economy. While some people were saying that sterling has devalued therefore it is easier to export, the downside is that almost everybody who makes anything has to import materials from the eurozone. It is too early to say where this is going to leave us but in terms of the island's economics the sooner we sink our joint efforts into working to progress the economy, economic production and co-operation with respect to the type of work that InterTradeIreland is doing, the better.

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