What's your view?

Jan 13, 2021
What do you think about Brexit? How do you think the pandemic will affect your career? What do you think is the future of the profession? In every issue of The Bottom Line, we will ask students their thoughts on a particular topic.

Question of the month: Is Brexit an opportunity or challenge for Ireland?

Alejandro Castro, Accountant at Quadient

In my personal opinion Brexit represents an opportunity but also a challenge for Ireland.

It is a challenge because the Irish economy is highly integrated with the UK. Currently, around 80% of the goods exported from Ireland are transported to or through the UK which means the Irish economy will suffer a material negative impact.

However, Ireland will benefit from any future trade deals negotiated by the EU. Therefore, Irish businesses will have an opportunity to become amongst the most competitive in Europe. Technology, resilience and innovation are core traits that will enable Irish businesses to grow.

Ruth Cummins, AWM Assurance Associate at PwC

To answer that question, it is important to look at the direct economic impact it is having across sectors. 

Brexit has opened up a wealth of new job opportunities in Dublin and other economic centres with the relocations of multinationals such as Barclays, JP Morgan and Bank of America, pushing Ireland higher up the ladder as a hub for multinational enterprises, boosting Ireland’s GDP.

On the other hand, Brexit is introducing a massive challenge to more traditional sectors such as fishing and farming. They are currently dealing with a lot of uncertainty and question marks over exports and trade tariffs is adding to this strain. 

Overall, I believe Brexit was a step in the wrong direction for the UK, but whether that will have a net negative impact on Ireland is yet to be determined.

Ciara Woods, Audit Associate at KPMG

Brexit is both an opportunity and a challenge for Ireland and the outcome is very much 
dependent on how we react to it. 

I think the opportunities such as opening up new markets and relationships are overlooked by many individuals, businesses and countries. Many believe Brexit to be a challenge due to the uncertainty and how it will change people’s and businesses’ way of life, commerce and traditional thinking.