Simon McKeever: Tips for Irish firms facing Brexit - Prepare for the worst

The immediate impact on Irish businesses over the last year has undoubtedly been the weakening of sterling, and although it recovered somewhat against the euro on January 17 after UK prime minister Theresa May’s speech, to 86.8p, it remains 24% below the level of November 2015.

Our advice to exporters with sterling receivables is to understand the risks associated with being paid in a foreign currency. Your local bank or treasury service providers can help you with this, and help you with strategies to manage this risk.

The regulations currently governing the free movement of goods, services, capital and people between Ireland and the UK will fundamentally change, once and if the UK parliament ratifies the Brexit deal some two years after Ms May invokes Article 50 next month.