UK voters risk accidentally walking the country out of the EU irrespective of the outcome of talks under way in Brussels this weekend, the leader of the UK’s biggest business lobby group warned yesterday.
Speaking as talks to avert a "Brexit" – a UK exit from Europe – got under way between British premier David Cameron and EU Council president Donald Tusk, the Confederation of British Industry president Paul Drechsler said the result of the proposed referendum was too tight to call.
“I am more concerned over a ‘Braccident’ result than a Brexit, where we vote ourselves out but really want to stay in,” he said at the British Irish Chamber of Commerce annual conference in Dublin.
Mr Dreschler noted the Economic and Social Research Institute estimated a Brexit could cut the €1 billion-a-week trade between the two countries by about 20 per cent: "So no matter what the outcome, it is going to have an impact on Ireland. "
It could also cause unforeseen problems over Northern Ireland, which would leave the EU with the rest of the UK should voters opt for an exit.
Dublin-born Mr Drechsler’s organisation, which represents 190,000 businesses employing seven million people, believes the UK is better off in a reformed EU than outside it. He stressed every Irish firm with a presence in the UK should have “a conversation” with employees and customers about the benefits of staying in the EU.
Dangers of instability
British ambassador to Ireland Dominick Chilcott agreed the instability likely to result if voters back a Brexit would not be good for business. He explained the UK would have to renegotiate its relationship with the EU. "That is going to take a long time and during that time we would not know what the result is going to be. That is going to create instability and businesses need stability," he said.
He suggested the close economic and other ties between the Republic and the UK could be maintained if Mr Cameron succeeds in reshaping his country’s place in the EU.
Mr Chilcott argued links such as the common travel area mean the two nations are highly integrated and maintaining this would not be incompatible with any agreement between the EU and UK. “It is something to be looked at after the deal is done,” he said.
