Sterling at 90p puts squeeze on SMEs

Sterling slumped to under 90p against the euro as the UK looks set to keep interest rates lower for longer, piling on the pressure for Irish-owned firms who make a living selling goods and services across the Irish Sea.

Most leading forecasters believe that Irish firms had weathered the first wave of the fallout after sterling started dropping from last summer when the UK voted to leave the EU.

But the latest round of sterling selling spells more pressure and raises the level of uncertainty of Irish food companies and other SMEs because now they will make less money from selling their goods and services into that market.