Businesses in the Border region are facing additional costs in the New Year because of Brexit rules. Speaking to Northern Sound earlier, Adrian Kelly, Monaghan Business Networking Group and Brexit Consultant, said that with inflation set to hit 11% by the end of the year, businesses in the border region will struggle further.
Mr Kelly said that companies here do business with the UK as well as other parts of Great Britain and while they adapted well to Brexit, additional challenges will come in January with regard to standards.
He added businesses will be operating according to two standards specific to Great Britain and to the EU. The local Brexit consultant pointed out that the Northern Ireland Protocol allows Northern Ireland to stay in the single market for the purpose of goods only and while that simplifies trade to the Republic of Ireland, it complicates matters with Great Britain.
"Businesses need help and advice at the moment. One of the main pieces of help they need is with identifying new customer markets for goods. Because if there is less buying power in Great Britain, there is higher costs in Great Britain and there is less demand for goods.
"And, as a result businesses are going to have to look elsewhere. For the Republic of Ireland that may mean having to go to mainland Europe," said Mr Kelly.
