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 Britain’s exit from the European Union.
Chris Giles (pictured) was speaking ahead of his visit to Derry 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 Britain and Europe are still being agreed, Giles, who will deliver an address on what Brexit will mean for the future of the British economy, believes greater customs controls will have the biggest impact on local trade post Brexit.
He said: “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.
Speakers will include Deputy First Minister Martin McGuinness, former Taoiseach Bertie Ahern and University of Ulster Professor Neil Gibson.
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.
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