Fly the EU flag to show we’re not part of the Brexit circus

If I was running Ireland there would be a few new things happening this week.

Firstly, all public buildings would be ordered to raise the blue flag of Europe alongside the Tricolour.

Any tattered or worn flags should be torn up and replaced with freshly made versions.

All airports and ports would be instructed to have the flag of Europe prominently displayed at their arrivals and departures halls too.

This would be part of a stepped-up campaign to explain to all and sundry that Ireland is not part of the British circus that kicked off last week.

No, we are not interested in going to war with Spain over Gibraltar, and we are not associated with any threat to link security with Brexit negotiations.

Yes, we remain a fully paid-up member of a 450 million population market and we abide by all the rules and regulations that apply to that largest free trade market on the planet.

It is time for all economic actors, be they private or public employers and investors, to begin work on seizing the opportunities being provided by hard Brexit.

There are two work streams to commence: firstly the business to be developed with the UK as it moves outside the EU, and; and secondly the trade potential across the EU stemming from Britain’s exclusion for seamless market functions in goods and services.

Both are valuable pipelines that —combined — can move the Irish economy forward.

Regarding the first stream, we should assume border taxes and tariffs will apply to all imports and exports in the British economy post-March 2019.

Duty-free business is probably one of the outcomes from that analysis but we must also consider the vast import and export potential.

After Brexit, 60 million people in the UK will still need food, financial services, IT, pharmaceuticals, and so on, and all of that will have to be marketed and sold in English.

Where better to serve that opportunity than from a geography that is physically close? UK exporters will be keen as mustard to sell product and services into Ireland, even with taxes, for similar reasons.

Moreover, if sterling is weak the scope to raise imports from the UK could even grow, especially if these form inputs for end products produced in Ireland for the broader EU market.

The second stream is a jewel of an opportunity, as for all our talk about integration with the rest of Europe there is plenty of scope to do more. The success by Ryanair in building a true pan-European footprint from an Irish base is illuminating in this context.

While headquartered in Dublin the airline has established bases across Europe that serve local markets with core resources (financial, marketing, legal, regulatory) supporting from head office.

This lean and mean business machine helps Ryanair compete across Europe. Can others not emulate that success?

Britain has been the low-hanging fruit for corporate Ireland over many decades. The similar language, culture and business practices made commercial activity across the Irish Sea obvious. Forthwith, that market access will no longer be as simple.

It will be easier to do business in Denmark, Germany, Italy and Spain in 24 months times than it will be to trade with the UK and we might as well move on in that knowledge.

Irish investors should also consider stepping up their ownership of assets and businesses in the UK.

If sterling stays weak, and the UK economy struggles over coming years, there will be opportunities to acquire companies and assets at attractive prices. Britain will remain a pro-business large economy for decades to come.

Having operations inside the UK that can trade unfettered by EU laws will be valuable for companies serving 60 million British inhabitants for the long-term.

Joe Gill is director of corporate broking with Goodbody Stockbrokers. His views are personal.