Irish Examiner view: Buyers’ remorse

Retail retreat

Argos closed the last of its stores in the Republic on Saturday. Picture: Sasko Lazarov/RollingNews.ie

Around the time of Brexit, there were scores of internet memes about the damage leaving the EU would do to the UK economy. One illustrated a handgun with the barrel bent back towards the user to deliver a self-inflicted wound; a spoof Ladybird book cover showed a stone-age man using a flint axe and the headline ‘Britain’s economy’.

Some of that is coming to pass as British retailer Argos closed the last of its 34 stores in the Republic on Saturday and frozen food specialist Iceland considers its future in the teeth of EU consumer legislation which has forced the withdrawal of animal goods.

In a poll last week, 53% said the UK was wrong to leave the EU, versus 32% who believed it was the right call. To some extent that will be influenced by rampant disillusion with the current Government and poor economic performance.

Many take some pleasure in UK hubris, but we should also ask ourselves whether Ireland’s best interests are served by having a trading partner whose finances and spending power may remain greatly diminished for some time to come. 

Reduction of choice generally leads to higher prices and, as we know, they are high enough already in the Republic.