Brexit to weigh on Irish firms according to Investec

The sell-off in sterling amid jitters about the outcome of the UK vote on remaining in the EU has eroded the hugely favourable factors driving Irish exports and may continue to weigh on the currency for some time, Investec Ireland has said.

In a report on Brexit, the bank said that the looming referendum had largely contributed to the unexpected weakness of sterling in the early part of this year that had sent the currency from around 70p to 77p.

Last year, Irish exporters had benefited from an exceptional constellation of factors, including the strength of sterling and the strong recovery in Britain which had expanded the market for Irish goods and services.