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All island businesses still seeing uncertainty - survey

Exchange rates between sterling and the euro are the biggest issue faced by those involved in cross-border trade
Exchange rates between sterling and the euro are the biggest issue faced by those involved in cross-border trade

A new survey has revealed a widespread nervousness and sense of uncertainty among the business community in Northern Ireland and Ireland after the Brexit vote.

The latest quarterly Business Monitor Report from InterTradeIreland, shows that while 31% of businesses still say they are experiencing growth, this figure is at its lowest level for 36 months.  

But there has been a small increase in the numbers reporting that growth is declining, which points to more of a slowing of overall growth rather than any signs of contraction at this point.

Sales figures also show a positive, though, declining balance. 

The survey shows that rising costs is the biggest issue now facing businesses, pointing to the emergence of inflationary pressures.

Exchange rates between sterling and the euro are the biggest issue faced by those involved in cross-border trade and export activity, with 45% of firms across the island of Ireland reporting it as a key issue. 

"Uncertainty is further reflected in the fact that 98% of businesses in Ireland have no plans in place to deal with a UK exit from the EU," commented Aidan Gough, Director of Strategy & Policy at InterTradeIreland.

He added that 91% of cross-border traders have no experience dealing with tariffs and 80% of businesses still say TV news is their only source of information about Brexit.