Shoppers have been hunting bargains in Northern Ireland

This could be bad news for retailers south of the border ahead of Christmas...

Shoppers have been hunting bargains in Northern Ireland

Sand sculptor, Paul Hoggard, creating the Giants Causeway from sand, in the Victoria

Goodbody reports that the fall of sterling values has resulted in the return of Irish shoppers heading north of the border in search of bargains.

The stockbrokers have been analysing traffic flows and Irish shoppers are heading to Northern Ireland. In the post-vote period the level of traffic going to the six counties has been 9% higher.

At peak times the traffic flows have increased by up to 29% - this figure is early on Saturday mornings, which is "consistent with a leisurely weekend sojourn from South to North" according to the report.

The analysts claim that this is one of the first concrete studies showing the negative impact of Brexit on the Irish economy.

Previous trends have shown that the further Irish shoppers are from the border, the less likely they are to go North - but Goodbody notes that improved travel connections across the island make it easier than ever to move from the Republic to Northern Ireland.

Uncertainty

Travelling to spend has become slightly less appealing during the past 24 hours, as legal challenges are set to further complicate the already messy process of the UK leaving the EU. Sterling hit a four-week high yesterday after the ruling was announced. €1 currently buys 89 pence.

Theresa May is attempting to take back control of the Brexit process after the UK's High Court ruled she needs the support of MPs before starting negotiations to leave the EU.

The Prime Minister will speak to European Commission president Jean Claude Juncker this morning to reassure him she still intends to trigger Article 50 by the end of March.