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New research commissioned by the Irish office of Duff & Phelps, the premier global valuation and corporate finance advisor, has found that over 85 percent of business people in Ireland believe that Brexit will lead to a decrease in Irish exports.
The business community believes that the three industries that will be most impacted in Ireland are agriculture, manufacturing and tourism. In contrast, Irish business people believe that there are a number of areas that the Irish economy could benefit from. Of those surveyed, 91 percent believe that financial services companies will relocate to Ireland due to financial passporting rules. Similarly, 72 percent of respondents also indicated that multinationals are likely to relocate to Ireland. When asked about implications for the talent market, 55 percent believe that it would also increase the talent pool in Ireland, with potential higher local availability of specialized workers.
Killian Buckley, Managing Director and head of Duff & Phelps’ regulatory and compliance consulting services in Ireland, said: “These results mirror what we are hearing on the ground and from our clients in Ireland, UK and further afield. While there is significant uncertainty and worry among the business community, there is a pragmatism to make the best of it and a real determination to exploit any opportunities Brexit may bring for Ireland. We are working across a range of areas with clients on various Brexit-related questions.”
The survey also revealed that 55 percent of Irish business leaders perceive Frankfurt as the primary competition in terms of an alternative location for any business looking to relocate or shift part of their business because of Brexit. After Frankfurt, Luxembourg (33 percent), Paris (7 percent) and Amsterdam (5 percent) are seen as Dublin’s main competition.
The research examined potential negative factors that could potentially sway companies considering Ireland as a desirable location to look at alternative destinations such as Frankfurt or Luxembourg. The residential property market was highlighted as the most likely reason to dissuade relocation to Ireland with 61 percent of respondents highlighting residential rental prices and 43 percent selecting residential property prices as a concern. Other worries expressed included commercial property prices (28 percent) and availability of talent (38 percent).
When questioned on the implications of Brexit for Irish consumers and businesses the research revealed that:
About the Research
The research was carried out between May 22 and May 31 ahead of the UK General Election. There were 135 senior level respondents working across various disciplines in the financial services industry in Ireland.
About Duff & Phelps
Duff & Phelps is a premier independent advisor with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters and other governance-related issues. From offices around the world, the firm’s nearly 2,500 employees help clients address their most pressing business challenges. www.duffandphelps.ie
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in Canada are provided by Duff & Phelps Securities Canada Ltd., a registered Exempt Market Dealer. M&A advisory and capital raising services in the United Kingdom and across Europe are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. In Germany M&A advisory and capital raising services are also provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
Martyn Rosney | Edelman Ireland | 0 1 67 89 333, 0 857 282 151 | Martyn.Rosney@edelman.com