Financial Times Economics Editor warns of post Brexit border implications for North West
30 September 2016
The Economics Editor of the Financial Times has warned local business people on both sides of the border that they will have to legislate for more stringent border controls in the wake of the UK’s exit from the EU.
Chris Giles was speaking ahead of his visit to Derry~Londonderry next month to address the Derry City and Strabane District Council sponsored Northern Ireland Economic Conference at the City Hotel.
While the specific detail of the new border restrictions between the UK and EU are still being agreed, Giles, who will deliver an address on what Brexit will mean for the future of the UK economy, believes greater customs controls will have the biggest impact on local trade post Brexit.
“There’s always a currency risk for Derry but I think the most important thing for you is what happens at the border,” he said. “There is definitely a risk of greater checks than those that are currently in place.
“The movement of people is a big issue at the moment and the Irish border is a way for people to enter or leave the UK.
“I think both sides will seek to avoid draconian measures, but there will need to be customs checks to ensure goods passing in each direction meet EU or UK Standards if the UK leaves the single market and tariffs may be imposed if the UK leaves the customs union.”
The Northern Ireland Economic Conference is coming to Derry for this first time and is regarded as the biggest economic analysis event on the local business calendar.
The performance and future of the regional and all island economy will be discussed at length and Giles is part of a high profile line up of speakers that includes Deputy First Minister Martin McGuinness, former Taoiseach Bertie Ahern and University of Ulster Professor Neil Gibson.
“I will look at the short term uncertainties of Brexit and the big choices and trade-offs that the UK needs to think about,” he continued.
“For example the UK economy can now make new trade agreements with non EU Countries from all over the world but that will come at the expense of having to apply greater customs checks at the border.
“For Derry a large part of their local economy is actually in the Republic so what is important for parts of England will be very different to their issues.
“There is also a decision to be made about what extent we stay in or out of the single market and the advantages and disadvantages of that.”
Limited delegate places remain available for the conference which will be held on Wednesday October 19th.
Registration and pricing information as well as a full programme is available at www.agendani.com/events.