The Profit Margin, with Jamie Delargy and Naomi McMullan

The Profit Margin, with Jamie Delargy and Naomi McMullan


Forging a strategy for Brexit

October 03, 2016

We now know the process of leaving the EU will begin before the end of March. The Prime Minister has set the date by which she will trigger Article 50. That's one key issue settled. But more than three months on from the EU referendum vote, you would imagine the implications of Brexit would be a good bit clearer. That’s not the case.

The Chancellor did issue a statement about a month ago which reassured farmers, that come what may, they would get EU subsidies until 2020. Universities and research bodies were also given similar guarantees about funding. But others have been left in the dark over access to EU Structural Funds, leading to fears that a deep well of money may be drying up.

When she came into The Profit Margin, the head of the European Commission office here Colette Fitzgerald, confirmed that Northern Ireland will still have access to cash from Europe's Structural Funds, while the UK remains within the EU, as long as applications conform with existing rules on co-financing.  

Economist Neil Gibson, Director of the Ulster University Economic policy centre makes an interesting point. He says post Brexit we shouldn’t automatically take money once earmarked for Brussels and simply use it to replicate the EU funding of the past. You can find out how he thinks we should model our approach to the situation in the podcast.

Much has been made, and rightly so, of Northern Ireland’s unique position as the only part of the UK with a land border with the EU. Many of those who fear the consequences of Brexit are turning towards an Irish passport. Paul Gillen from lawyers Pinsent Masons outlines the general advantages the holder of an Irish Passport possesses in seeking job opportunities in EU member states after Brexit while also sketching the limits to those benefits.

Start-up Section

Pitching this week is a Belfast start-up that’s received funding from one of the former dragons on the BBC’S Dragons’ Den. Hayward Hawk is a technology recruitment firm. Listen in to see if you can spot why James Caan was willing to invest in them.