Wainwright Marks Management - WTO Tariffs Could Hurt Ireland

With only 45 days to go until the official date of Brexit, the UK still does not have an approved agreement with which to leave the European Union.

Little has changed with regard to the Brexit situation over the past few weeks with the UK still refusing to accept UK Prime Minister Theresa May's proposed deal and still trying to gain further concessions from the European Union on issues such as the Irish backstop. EU representatives remain firm in their refusal to negotiate.

With the protracted Brexit stalemate already taking its toll on the UK's economy, the likelihood of the UK leaving the EU without a deal seems to be increasing.

EU negotiator, Michel Barnier, has stated that he will not reopen negotiations on May's deal. His refusal to amend the Irish backstop clause in the Withdrawal Agreement has caused concern in Ireland.

In the event of a no deal Brexit, analysts at Wainwright Marks Management say Ireland would have a lot to lose. Without a trade deal between the EU and the UK, a large number of Irish businesses would be subject to massive World Trade Organization tariffs as well as additional customs red tape and significant delays on products being transported from and to the EU through Britain.

Wainwright Marks Management analysts say WTO tariffs could have a devastating effect on Irish farmers who may have to content with a sizeable loss of beef and dairy sales in the UK.

UK Prime Minister Theresa May is due to give an update on Brexit in Parliament this week.