Finance professionals see opportunities in possible ‘Brexit’

A full or even partial exit from the European Union by Britain could have negative repercussions for Irish businesses but many finance professionals believe it might also boost foreign investment into Ireland, according to a new study.

The survey of more than 700 professionals, which was carried out on behalf of accountancy body ACCA Ireland, reveals that 80 per cent of respondents think a so-called 'Brexit' would have a negative impact on the Irish economy. A similar percentage believes it would be also bad for their business.

However, 50 per cent of those surveyed said a Brexit could be positive in terms of attracting Foreign Direct Investment (FDI) into Ireland. Some 30 per cent said it would not have any impact on Ireland.

British prime minister David Cameron, whose Conservative Party won a surprise majority in the national election earlier this month, has promised a referendum on EU membership by the end of 2017.

The survey reveals that 60 per cent of accountants think that the UK will not leave the EU, while 30 per cent believe that if such an eventuality were to occur that a free trade agreement would be negotiated prior to any exit.

An economic study published by the think tank Open Europe in April suggested Ireland would face paying €200 million more to the EU each year if the UK were to exit the European Union.