Dr. Adele Bergin:

As Dr. McQuinn has said, we are looking at the overall macro impact of this, but we are drawing from a lot of other research, and that other research is showing that it is particular sectors, like the agrifood sector and the indigenous SME sector, that will be especially affected, as well as certain regions.

The weakness of sterling makes our exports less competitive. At the same time, on imports, we have to take into account that there will be tariff and non-tariff measures taken which may lead to potential disruptions to the supply chain which is likely to outweigh anything on the exchange rate side. Many of our exporting SMEs are exporting primarily to the UK. The UK is also a really important source of intermediate goods used in the later stages of production. Any disruption to that supply chain is likely to mean costs that are much more substantial than the problems caused by currency fluctuation.