Irish trepidation ahead of May’s Brexit speech

A keynote Brexit speech by UK Prime Minister Theresa May is anxiously awaited amid expectations she will realise the worst fears of Irish business and Government and confirm that London is intent on striking a hard Brexit deal with Brussels.

Analysts here warn that her speech on Tuesday could spark a further bout of selling for sterling against the euro, an outcome which would heap even more pressure on Irish firms selling across the Irish Sea because a weak sterling makes their exports of goods and services so much more expensive.

Conall Mac Coille, chief economist at Davy Stockbrokers, predicted that markets would likely be highly sceptical of the comments Ms May will make on Britain’s exit plans, saying that no matter what she says, sterling would likely face “another sell-off”.