Peter Fitzpatrick (Louth, Fine Gael) | Oireachtas source

I welcome the opportunity to speak in this important debate. There is no doubt that the UK decision to leave the EU will have major consequences for those of us in Ireland and the rest of the EU. As a representative of the Border county of Louth, I am aware more than most of the immediate challenges facing us. Over the course of the weekend I spoke to many constituents and business people who are concerned about the fallout from the UK withdrawal from the EU. In the Border region of Louth and in Border towns like Dundalk the immediate danger is the fall in the value of sterling. This will affect the retailers and business people all along the Border in the short term. This is not the first time those of us in Dundalk have faced the challenge of weak sterling. We have survived weak sterling before and we will survive weak sterling now and in future. I believe there was too much scaremongering and people playing political games for their own gain following last week's events.

Let us be clear. The UK made the decision to leave the EU as a result of an internal Tory feud. David Cameron took a reckless decision and has now paid the price. We must not be drawn into internal Tory Party politics. We must not allow ourselves to become in any way uncertain about our future in the EU. We are proud members of the EU. That is where our future lies. We are committed to the EU, the Single Market, the euro and our low corporation tax rate. I agree with the Taoiseach in that we must support the UK in its negotiations with the EU but we must protect our interests as well. During the UK negotiations with the EU, we must ensure that the EU recognises the unique relationship between the UK and Ireland. Our relationship must be protected. We must also realise that the UK will look after its own interests first and foremost. For our part, we must protect and secure ongoing free movement of people, trade and capital between the two countries. We must also protect the 200,000 jobs that rely directly on our trade with the UK. We must protect the Northern Ireland peace process and all the good work that has been achieved during the past two decades. We must ensure that the thousands of cross-Border workers maintain their current rights.

If the UK exit from the EU is handled properly, it will offer great opportunities for Ireland. It should not, however, be used as an opportunity to play party politics, as demonstrated by Sinn Féin and its call for a Border poll. This is simply a political stunt and should be seen as such. It is typical of the type of political games played by Sinn Féin and others on a daily basis. This type of populist politics was played out in the EU referendum. It was interesting to note what happened on Friday when it became clear that the exit side had won. Almost immediately, those on the "Leave" side started pulling back on the promises they had made during the referendum campaign. That is typical of populist politics. They promised the moon and the stars but they could not deliver on any of their false promises. I urge people to remember this whenever they are listening to the populist claims of parties like Sinn Féin and others.

As I have already said, I strongly believe that the UK exit from the EU will offer many long-term opportunities for us. For example, at present the UK is the largest recipient of foreign direct investment in the EU. Currently, the UK receives over €35 billion per year in foreign direct investment. To put this in context, Ireland receives a little over €5 billion. Now, we have a fantastic opportunity to bring more foreign direct investment to Ireland. Up until now these companies had a choice between Ireland and the UK. With the UK leaving the EU, we will now be the only English-speaking country in the EU and we must take advantage of this. News reports are already coming in of multinational companies that are considering relocating their headquarters away from the UK. I urge IDA Ireland to immediately put in place an action plan to contact every potential foreign direct investor and outline the advantages of investing in Ireland.

Reference has been made to border controls. I have heard many reports of the type of Border we may see in future. I urge people not to panic and to look at the borders already in place in countries like Switzerland, Norway and Monaco. Although inconvenient, these borders are not an obstacle to travel or trade.

There is no doubt that the events of the past week are going to have a profound effect on us. Our relationship with the UK is going to change forever. Doing business in the UK will be more difficult in future. Border regions and towns like my town, Dundalk, are going to face many difficult challenges in the short term. The weakness of sterling will pose many difficulties for our retailers and businesses. As I have already said, we have overcome these challenges in the past and we will overcome them in future. There will be new opportunities for us as a result of the new make-up of the EU. There will be new opportunities to entice international firms and businesses to relocate to Ireland. There will be new opportunities to sell Ireland as a feasible alternative to the UK. We must exploit these opportunities and ensure that as a country we continue to prosper as a fully committed member of the EU.

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