Business must be ready for changes in how they trade when the United Kingdom leaves the European Union.
With the United Kingdom due to leave the European Union in a matter of weeks, companies are being urged to prepare for a no-deal Brexit. Tánaiste Simon Coveney has urged businesses to look at contingencies, supply chains and their customer base. Simon Coveney's comments came on the back of the publication of research by Intertrade Ireland which shows that businesses are ignoring the potential impact of a no-deal Brexit. Intertrade Ireland is a group that supports small and medium businesses trading in both the north and south of the border.
Many of the twenty thousand cross border traders on the island are particularly vulnerable to changes in trading arrangements.
The research surveyed 750 cross-border traders and found that only 6 per cent were prepared for cash flow problems. A further 12 per cent had considered the impact that changes to tariffs and taxes could have on their business.
As the UK and the EU struggle to meet a compromise on Brexit, the countdown is on for businesses to get their affairs in order.
An RTÉ News report broadcast on 26 August 2019. The reporter is Aisling Kenny.
