Joan Burton (Dublin West, Labour)
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514. To ask the Minister for Jobs, Enterprise and Innovation the investigations and preparations her Department is undertaking to support businesses and the export sector in the event of the sterling-euro exchange rate reaching parity in the event of a hard Brexit; if her attention has been drawn to the concerns of retailers regarding the further weakening of sterling; and if she will make a statement on the matter. [36961/18]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Informed by detailed research, my Department is putting in place a suite of measures to allow it to respond to the needs of businesses affected by Brexit. 

The Brexit Loan Scheme, launched in March of this year and operated by the SBCI, offers affordable working capital to eligible SMEs that are either currently impacted by Brexit or which will be in the future. Funding granted under the scheme must be used to innovate, change or adapt to meet the challenges posed by Brexit.

To assist businesses in responding to Brexit, Enterprise Ireland has a strong programme to build resilience in Irish exporting businesses focused on innovation, market diversification and competitiveness. To this end, EI has established a Prepare for Brexit online portal and communications campaign, an online “Brexit SME Scorecard” to help Irish businesses self-asses their exposure to Brexit, as well as a “Be Prepared Grant” to support SME clients in planning to mitigate risks arising from Brexit. As part of its Brexit awareness-raising activities, EI is rolling out regional Brexit Advisory Clinics and a national Brexit Roadshow. A two-day external Brexit consultancy support is also being rolled out to individual clients to help them develop a detailed sustainable growth plan.

Local Enterprise Offices are also offering Brexit supports including a “Technical Assistance for Micro-enterprises” grant, enabling businesses to diversify into new markets, as well as tailored mentoring to address Brexit-related challenges, and targeted training on specific Brexit-related challenges.

Advisory supports in relation to business planning, such as those provided by the Local Enterprise Offices and Enterprise Ireland, will be particularly important in assisting viable-but-vulnerable SMEs that may be adversely affected due to Brexit. These supports will help raise awareness of both private market financial supports and existing State supports.

The Retail Consultation Forum, which I chair, provides a platform for structured engagement between representatives of the sector and Government. The Forum meets four times per year, and specific issues (e.g. skills) are also pursued through working groups, bilaterals, and information events.

The Forum has proved an important means for communicating the latest updates on Brexit developments to the sector, hearing the views of retailers, and raising awareness of the supports that retailers can avail of.

Earlier this year, my Department hosted a special Brexit presentation event for Forum members to hear about and discuss two pieces of recently published research: “Ireland and the Impact of Brexit” by Copenhagen Economics, and the ESRI research commissioned by the CCPC on “Brexit and Irish Consumer”.

The Retail Consultation Forum will next meet on 20 September, and Forum members in attendance will be informed of the latest Brexit developments and discussion will focus the key issues of concern for the sector. 

Regarding the potential for further shifts in the sterling exchange rate in the future, my Department continues to work with the Department of Agriculture, Food and the Marine, the Department of Finance, the SBCI, and its agencies to develop potential supports in response to the needs of businesses exposed to Brexit-related impacts. Roll out of these proposed responses is subject to resources being agreed as part of the annual budgetary process.

My Department is also currently exploring the development of a Business Finance Advisory Hub service. This Business Finance Advisory Hub will assist small and medium enterprises in making informed funding and investment decisions and will also focus on business development for a post-Brexit environment.