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Brexit damage seen by 75% of business owners

Brexit damage seen by 75% of business owners

Brexit has impacted the economies of many countries. Ireland is one of the countries that suffered the most from Brexit. There, production costs have been rising steadily since the UK's withdrawal from the EU. Irish manufacturers are unable to contain prices amid a sharp rise in costs. The spending of many food industries and agribusiness enterprises has increased by almost 70% compared to last year. The Brexit deal has affected most prices, ranging from packaging to electricity. Moreover, raw material shortages and transportation bottlenecks have worsened the situation. More than half of business owners said that supply problems due to Brexit were "a key factor in increased costs." Britain's withdrawal from the EU has had a negative impact on 72% of them. Linked Finance chief executive Niall O’Grady said the inflationary trend was another sign of the economy heating up, but insisted that businesses needed to be careful to maintain competitiveness, particularly where reliant on export markets. O’Grady commissioned a cross-industry survey of SME confidence. It showed that almost a quarter of respondents and 57 representatives of the wholesale and retail sector expect prices to rise in the future. The UK economy has also suffered a Brexit hit. British employers are facing the most severe labor shortage. UK food and drink exports to the European Union have plummeted by £2 billion ($2.8 billion) in 2021.

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