Member News
Update on Brexit from EY
Jun
Theresa May has officially stepped down as the leader of the Conservative Party and will soon depart as Prime Minister. It is not clear as of yet who will take her place, but it is expected to be decided by late July. Most leadership hopefuls have outlined their plans to renegotiate the Withdrawal Agreement with the EU. However, this approach is unlikely to work.
The latest EY attractiveness survey suggests the UK’s difficulty has been Ireland’s opportunity. FDI related projects in Ireland received a Brexit boost in 2018, increasing by 52% on 2017. In contrast, Europe saw a decrease in the number of FDI-related projects of 4% in 2018. This is largely driven by dwindling FDI numbers in the larger European economies.
Elsewhere, the draft EU budget for 2020 has been released with a key focus on jobs, growth and security. 21% of the budget for 2020 will be allocated to tackling climate change. However, the budget lacks any specific mention of Brexit supports for highly exposed sectors and countries.
Read our latest Brexit Update here.