Irish Business Leaders fear negative Brexit impact
Today, the Institute of Directors (IoD) in Ireland, the membership body representing 3,000 directors and business leaders, released results from its latest Director Sentiment Monitor survey Q1 2019. The research revealed that Brexit remains a key concern for senior business leaders in Ireland.
The survey was completed by 305 directors and business leaders (77% male, 22% female), who are members of the Institute of Directors (IoD) in Ireland, during the time period 23rd-30th April 2019. In addition, 67% of the respondents are current board members, with the remaining in senior executive roles.
In reference to Brexit, the survey found that:
- Business leaders still believe that, in the short term, Brexit will have a negative impact on their business. This figure remains at 89%, which is the same as Q4 2018. Furthermore, 56% (59% in Q4 2018) also believe that the consequences will be negative in the long-term.
- In addition, 26% of respondents cite Brexit as the single biggest risk facing their organisation. In Q4 2018, this figure was 32%.
- Furthermore, 60% of respondents have also noted that Brexit uncertainty has impacted their organisation’s strategic planning.
- While interestingly, 71% of respondents noted that they were sufficiently prepared for Brexit, with a further 11% saying they were very well prepared. On the other end, 12% cited that they were under-prepared, with only 2% saying they were not prepared at all.
Maura Quinn, CEO, IoD Ireland, said:
“Our latest Director Sentiment Monitor results have reaffirmed that Brexit remains a key issue for business leaders in Ireland in the short and long term. The fact that 3 out of 5 business leaders say it is also impacting their organisation’s strategic planning is also a worrying development. Despite Brexit uncertainty, the work of Irish business leaders to prepare for Brexit is reassuring, with over 71% citing that they are sufficiently prepared for Brexit.”
Maura Quinn added:
“We urge the government to continue supporting businesses through this Brexit uncertainty to ensure business leaders in Ireland can continue to run their businesses in a way that delivers for both their customers and the Irish economy.”
The results also found that just under a third (32%) of business leaders feel more optimistic in comparison to the last quarter. This remains unchanged from our Q4 2018 findings. On the issue of the availability of talent for their businesses, in Q1 2019 60% believe it has decreased. This was 62% in Q4 2018. The Government performance with reference to consumer confidence and business decision-making has also shown an increase in the number of business leaders who see this as negative.
For more information visit our website page: Director Sentiment Monitor (Q1) 2019.