Call for Budget to 'reboot' Ireland-UK economic relations

The British-Irish Chamber of Commerce has called for a “collaboration” fund  to boost trade and promote research work between Ireland and Britain

"A new ‘Shared Islands Fund’ is one innovative way of re-booting Ireland’s economic relationship with our nearest neighbour, the British-Irish Chamber of Commerce has said.

Targeted supports for Irish agri-food companies facing new trade barriers with Britain, due to Brexit, and funding to “reboot” Ireland’s economic relationship with the UK should be introduced in next month’s budget, the British-Irish Chamber of Commerce has said.

In its pre-budget submission, the chamber has called for a “collaboration” fund — like the Government’s Shared Island Fund project — in order to boost trade and promote research work between Ireland and Britain.

The chamber’s director of policy, Paul Lynam, said that irrespective of the extension of grace periods, the new trading relationship between the EU and Britain will see challenges multiply with new customs requirements and border controls set to be introduced over the coming six months.

“Budget 2022 can help vulnerable firms to navigate the changes that lie ahead while rebuilding the ties that bind our two islands together," he said. 

"A new ‘Shared Islands Fund’ is one innovative way of re-booting Ireland’s economic relationship with our nearest neighbour. 

"Through investment in areas ranging from research and innovation to energy, we can herald in a new era for UK-Ireland trade," Mr Lynam said.

The chamber also wants a green tax credit to help SMEs accomplish carbon neturality and to incentivise sustainable measures.