The impact of Britain’s recent referendum on EU membership is already being felt as the Irish manufacturing sector dips to its weakest level in a period of growth that has lasted for more than three years. In an unexpected and marginal ‘leave’ victory, the referendum has been taken to heart by the British government, who have given little in the way of information or assurances to those affected by the decision to accept this advisory referendum as policy.
Ireland, as a member of the EU, is not bound by the decisions taken at Westminster, which are already driving manufacturing companies to alternative destinations. However, due to the importance of the UK as an export destination for Irish manufacturing, some of the negative impact will unavoidably be felt here.
1. Impact on prices. The implications of the Brexit vote on the Irish manufacturing sector are likely to include increasing pressure on the manufacturers to reduce the prices of their output. The poor exchange rates, due to the decline in the value of sterling, and the climate of uncertainty looks set to push product prices down at this stage.
2. Negative climate. The referendum result has caused shockwaves across the world, and the immediate financial impact of the situation has reached beyond the shores of the UK. As a closely related trading partner, Ireland will feel the strain of the political climate of uncertainty, and further drops are predicted before the situation improves.
3. Long term implications. This news may be disheartening after the positive development of the sector over the last three years, but experts suggest that this will be a temporary situation. Although outcomes are unknown at this stage, there may be the potential for Ireland to develop its own relationship with the EU to its advantage, and the strength of Ireland’s Employment index and its manufacturing industry give reason to be optimistic in the long term.
Here at CareerWise, we specialise in the multinational sector in Ireland, with expertise in the Medical Device, Sciences/Pharma and ICT industries, as well as Engineering, Supply Chain and Finance. Our friendly team are on hand to connect you with exactly what you are looking for, whether you want a new and challenging job in a growing sector, or you’re an employer seeking dynamic new talent for your business.
We’re Ireland’s leading specialist Technical and Executive Recruitment firm and we will be happy to help you find your perfect position in Cork, Limerick and Galway. Contact us online, or call on +353 (0) 21 206 for a consultation to find the ideal position for you.
Mike Morrissey has extensive knowledge of production, quality and engineering, having worked for Dell, Creative Labs and Tyco Safety Products /Sensormatic.
His expansive operational experience is grounded with training as a Six Sigma Black Belt.
As a lead auditor, he is very familiar with compliance and quality standards and has project managed the implementation of the environmental standard ISO14001. He has successfully utilised his project management and team leading skills in implementing numerous cost-saving and process improvement projects.
Since joining CareerWise Recruitment, Mike has graduated with a Diploma in Personnel Management from UCC and is a Chartered member of the CIPD.
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