The UK is now outside the EU Single Market and Customs Union.
It means that businesses that move goods from, to or through Great Britain will be subject to a range of customs formalities, checks and regulatory requirements that do not apply in any form today to such trade.
For the Irish tourism industry, the UK is a very significant market with more than 3 million British tourists contributing almost €1 billion to the economy each year.
Alongside the challenges posed by COVID-19, Brexit will have an impact on the tourism sector – from the impact of currency fluctuations on individual tourist decisions, to impacts on the supply chain for the hospitality sector. There are steps that tourism businesses should take to minimise any disruption.
Fáilte Ireland has developed a range of advisory and training supports as well as targeted marketing campaigns to help tourism businesses prepare for Brexit. The focus of its Brexit Response Programme is to retain and build new business from the UK as well as to diversify into new markets.
For information on how Brexit may affect a range of tourism-related areas such as transport and mobile roaming costs, please see Travelling and Visiting.
Supply chain, currency management and working capital
If you source any of your products from the UK, or move them through the UK, you must consider the impacts on your Supply Chain including any other regulatory requirements and the impact they will have on your business.
Sterling and euro volatility is a key concern for all tourism businesses. Brexit may also have an impact on your working capital needs. Guidance on managing currency risk and assessing working capital needs is available at the Department of Enterprise, Trade and Employment’s Getting Brexit Ready website. You are also advised to contact your financial advisor, your accountant, or any professional bodies you are a member of, to see if they have additional advice for you.
For more general information on issues that may affect your business and the steps that you can take, please see Brexit and Business .