Irish business and consumer sentiment rises on Brexit delay

Business and consumer sentiment rose in the State in April as the threat of the UK crashing out of the EU without a deal eased as the date of its departure was pushed back by seven months to the end of October, according to a new report from Bank of Ireland.

The business index of a wider Bank of Ireland Economic Pulse rose by 2.1 points to 93.3 in April from a month earlier, although it was down 0.9 per cent on the same period last year.

The consumer index edged 0.9 points higher to 83.5 on the month, but was 14.3 points below where it had been a year earlier. The combined index was up 1.9 points at 91.3 on the month.

“The original Brexit date of March 29th and the extended deadline of April 12th have come and gone leaving Irish households and businesses shaken but not overly stirred,” said Loretta O’Sullivan, Bank of Ireland’s chief economist.

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“With Brexit pushed out, the threat of a no deal outcome has been staved off for now, and firms look to have taken some comfort from this judging by the bounce in business sentiment in April.”

Still, Ms O’Sullivan said that the recent developments haven’t translated into a corresponding uptick in firms’ growth ambitions, while households also remaining worried about the economy.

The survey found that almost one in 10 households are likely to buy or build a property in the next 12 months, while just under two in five firms expect to increase basic pay over the same period.