Sterling plunge after Brexit announcement ratchets up pain for Irish firms

Sterling fell sharply against the euro, ratcheting up the pressure on Irish firms selling goods and services across the Irish Sea following the weekend declaration by British Prime Minister Teresa May that the UK is intent on a hardline exit from the EU.

And major surveys of Irish and UK published yesterday also showed the diverging paths of their manufacturing firms following the plunge in the value of sterling since the Brexit vote on June 23.

The Investec Ireland Purchasing Managers Index showed Irish manufacturing growth was almost at a standstill in September.