The impact of Brexit on small firms will be overwhelmingly negative, according to a new survey from the Small Firms Association.

The study indentifies exchange rate movements as the aspect of Brexit that will have the most significant impact on Irish small firms – with nearly half of companies saying they would be negatively impacted by the shift.

Only 10% of firms believed they would benefit from exchange rate movements following the UK vote to leave the European Union.

Meanwhile, nearly four out of ten (39%) SFA members said the cost of exporting to the UK post-Brexit is a significant issue, while a similar number of respondents (38%) said changes in pricing would have a negative impact on them.

SFA Director Patricia Callan said: “Our members have identified priority issues for the Government to tackle in the immediate future, namely: Free movement of people between Ireland and the UK; Renewed focus on the cost of doing business; and tax competitiveness versus UK."

The research also found only 8% of small companies had a contingency plan in place before the vote.