Companies in North keep stockpiling ahead of Brexit

Companies in the North are continuing to stockpile as the UK’s official departure date from the EU on January 31st approaches and a significant percentage of companies view the “Boris Brexit deal” as “detrimental to business”, a new survey shows.

The Northern Ireland Chamber of Commerce, which has a 1,200-strong membership that employs 100,000 people, said feedback from its latest Brexit Watch survey showed that the continuing uncertainty surrounding Brexit has had “largely negative knock on effects” on Northern companies.

The chamber said that 32 per cent of its members highlighted in the latest survey that the Brexit extension until January 31st had negatively affected their investment and growth plans while 25 per cent said it also had “negative consequences on business performance”.

Ann McGregor, chief executive of NI Chamber, said businesses in the North firmly believe their future prospects are very much dependent on the outcome of the ongoing Brexit negotiations.

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‘Detrimental’

According to the business body round 36 per cent of its members believe the current ‘Boris’ deal is “detrimental to business prospects” – twice the proportion (18 per cent) that believe that the deal could deliver a boost for their operations.

The chamber said that its 14th Brexit Watch clearly shows that 56 per cent of its members believe that if the UK crashes out of the EU, without any kind of deal in place, this will have “damaging consequences” for businesses in Northern Ireland.