There’s been a mixed reaction across a number of Clare’s prominent sectors to the prospect of a recession across the water.
With the Bank of England warning the UK’s economy is set to shrink, it’s prompting businesses across this county to brace themselves for what could be a difficult winter.
The United Kingdom is forecast to enter into a year-long recession at the end of 2022, with the Bank of England upping interest rates to 1.75% – the largest hike in 27 years.
Concern is being expressed that Ireland’s businesses may be impacted by a financial downturn in Britain, who remains one of the country’s closest trading partners.
While Brexit has led to an overall decline in trade with the UK, Britain remains Ireland’s biggest food and drink export market.
Irish agricultural exports were worth €640 million back in 2018, with most of this going to the UK.
However, Cratloe-based General Secretary of the Irish Cattle and Sheep Farmers Association, Eddie Punch, says ultimately farmers need to see more return for their product.
Meanwhile, the Chair of the Clare Tourism Advisory Forum believes corporate travel between the Midwest and the UK will remain strong despite prospects of a recession across the water.
Shannon Airport’s Aer Lingus routes to Heathrow are understood to be in significant demand.
Ennis hotelier Sean Lally says the prospect of a downturn in Britain isn’t top of the local tourism industry’s agenda at the moment.
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