Peter Fitzpatrick (Louth, Fine Gael) | Oireachtas source

I welcome the opportunity to speak on this very important subject. There is no doubt that the UK’s decision to leave the European Union will have major consequences for us here in Ireland and also for the rest of the EU. Representing the Border county of Louth, I am aware, more than most people, of the immediate challenges facing us. In recent months I have spoken to many constituents and business people who are concerned about the fallout of the UK’s withdrawal from the EU. In the Border region of Louth and Border towns like Dundalk, the immediate danger is the fall in the value of sterling. That will affect the retailers and business people all along the Border in the short term, but let us be very clear. This is not the first time we in Dundalk have faced the challenges of a weak sterling. We survived a weak sterling before and we will survive a weak sterling in the future.

There is too much scaremongering and people playing political games for their own gain as a result of the UK triggering Article 50. We should be very clear. The UK has made its decision to leave the EU as a result of an internal Tory feud. The then UK Prime Minister, David Cameron, took a reckless decision and paid the ultimate price. We must not allow ourselves to become in any way uncertain about our future in the EU. We are proud members of the EU and that is where our future lies. We are committed to the EU, the Single Market, the euro and our low corporation tax rate. We must not forget 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 our two countries. We must also protect the 200,000 jobs that directly rely on our trade with the UK. We must protect the Northern Ireland peace process and all the good work that has been achieved over the past two decades.

I believe that if the UK exit from the EU is handled properly, it will offer many long-term opportunities for Ireland. For example, the UK is currently the largest receiver of foreign direct investment in the EU. It currently receives more than £35 billion per year in foreign direct investment. To put that in context, Ireland receives just over €5 billion each year. We now have a fantastic opportunity to bring more foreign direct investment to Ireland. News reports are coming in already to the effect that many multinational companies are considering relocating their headquarters away from the UK. I urge IDA Ireland to continue the fine work it does in promoting Ireland abroad and to put in place immediately an action plan to contact every potential foreign direct investor and outline the advantages of investing in Ireland.

The weakening of sterling will pose many difficulties for us and our retailers and businesses. As I said, we overcame these challenges in the

past and we will overcome them in the 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 and new opportunities to sell Ireland as a viable alternative to the UK. We must exploit these opportunities and ensure Ireland continues to prosper as a fully committed member of the EU.

Coming from a Border area like Dundalk, I know there is a lot of scaremongering going on, and people are panicking about what will happen in the coming months and years. I have full faith in our leader, the Taoiseach, Deputy Enda Kenny. I hope that in the negotiations that will take place in April, May and June we will put our best foot forward. People are starting to panic but it is important that they do not. The opportunities are there for us. Multinational companies are already relocating in Ireland. I note that from Donegal all the way to Louth, companies are leaving Northern Ireland and relocating in the Border areas. We are part of a 27-man team. The Minister, Deputy Charlie Flanagan, has contacted the other 27 EU countries and it is very important that we look after Ireland first and the UK second.

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