Brexit ‘could derail Irish economy’

Measures need to be taken in order to make small and medium enterprises ’Brexit-proof’ or it “could derail Ireland’s economy”, a body representing Irish and British business has said.

The British Irish Chamber of Commerce said policy measures were needed to “safeguard the competitiveness” of Irish SMEs.

The organisation called for the reinstatement of the reduced lower rate of employer PRSI to 4.25%, and the expansion of the entrepreneur relief on capital gains tax (CGT) to a lifetime limit of €15m. It also called for the introduction of a voucher scheme for all SMEs dealing with customs for the first time as well as for an increase in capital expenditure to 4% of GDP, with a specific call to bring forward the scheduled start date for Metro North and Brexit proof national ports and airports.