PwC advises Irish firms to stick to growth plans post-Brexit

The financial services company believes we can withstand negative effects of UK leaving EU...

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The the flag of the United Kingdom flies alongside the European and Irish Republic flag on a building in Sligo Insititute of Technology | Image: Potocall Ireland

Professional services firm PricewaterhouseCoopers (PwC) is urging Irish firms to continue growth plans whilst also adapting to the impact of the UK's Brexit result.

PwC has argued that the effect of Britain leaving the EU won't be felt for some time and that it is vital that Irish firms continue the positive performances we've seen in 2016 thus far.

The Irish Independent reports PwC managing partner Feargal O'Rourke's advice for companies.

O'Rourke said:

"Our economy is performing at well over the average Eurozone GDP growth rate; 84% of Irish CEOs recently confirmed that they plan to grow revenues in the year ahead and 95% of MNC CEOs based in Ireland confirmed that their investment in the country is a success.

"The terms of both the exit negotiations and the UK’s future relationship with the EU are likely to take several years to reach a resolution.

"In the meantime, we advise businesses to continue on their growth plans while developing strategies to help them manage the range of uncertainties and challenges that are expected."

He also expects Ireland to be able to deal with Brexit, learning from the austerity the recession brought just a few years ago:

"Many Irish businesses have come through the worst recession in decades and have shown great resilience. I have no doubt that, with the right strategy and help, Irish businesses will navigate these uncertain waters and emerge stronger than before."

Speaking on Newstalk's Lunchtime today, PwC's David McGee said of the markets:

"We're seeing a lot of turmoil out there...

"People had priced in a 'Remain' and they're waiting to see [the impact of a Brexit]. Everything is changing very quickly..."