Ibec, the group that represents Irish business, said it remains deeply concerned at the trajectory of the Brexit negotiations. This follows the publication of draft Council guidelines on the future EU-UK relationship and Theresa May’s speech outlining the UK approach.

Ibec CEO Danny McCoy said: “The UK ruling out membership of the Single Market and Customs Union will inevitably lead to significant trade disruption. Attempting to replicate the benefits through other mechanisms is deeply complex and, as we have seen today, unlikely to gain EU support.

“Unless the UK changes course, the draft Council guidelines point to a future EU-UK relationship akin to that of a third country. Numerous new barriers to trade would be created. The UK would suffer enormously as a result and Ireland would take a major hit.

“For jobs, trade and investment, business wants a much closer EU-UK relationship than what is currently likely. The outcome of talks must safeguard our close economic ties, not unravel them.”

Source: IBEC

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