IBEC urges Govt to introduce €1.5bn in State supports for firms dealing with no-deal Brexit in next three years

IBEC urges Govt to introduce €1.5bn in State supports for firms dealing with no-deal Brexit in next three years

IBEC is calling on the Government to introduce supports for businesses in tomorrow's budget if there is a no-deal Brexit.

It said funding of State Aid support worth €1.5bn is needed over the next three years.

The body said a no-deal exit would bring a major shock to the rural economy and jobs must be protected.

IBEC Chief Economist, Gerard Brady, outlined what must be done to help firms and workers' jobs.

Mr Brady said: "Firstly we're saying that there should be an enterprise stabilisation fund in the same vein which was available in the 2009 financial crisis that will keep viable but vulnerable companies alive through the temporary shock that might happen in a no-deal exit.

"Secondly, we are saying that there needs to be a fund put in place to support workers."

Mr Brady said a lot of firms face an uncertain future.

He said: "No-one knows what a no-deal Brexit will look like completely and can't plan for every eventuality, and for SMEs it has been very difficult to plan because of the political uncertainty out there.

"Lots of members will need help, companies which are viable and are creating good jobs and have the intention of creating good jobs in the future, will suffer shocks from a no-deal Brexit and they will need the State's support."

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