A No-Deal Brexit Remains Very Much On The Cards

Overview

Forecasting what turn Brexit is going to take next, remains extremely difficult – when so much remains unknown. However, the possibility of a no deal Brexit remains very likely outcome, even considering the most recent extension in departure date from 29th March to 12th April. Below are some scenarios that could occur in the coming weeks.

Mrs May Resigns

A no-deal Brexit could be delayed if Theresa May was ousted as prime minister. The EU would accept a request for a further delay in such a situation. Albeit the existing problems regarding Brexit would remain. The EU have insisted that they will not renegotiate Mrs May’s withdrawal agreement.

Article 50 Withdrawn

The petition asking the British Government to revoke Article 50 has received over 5.3 million signatures as at 11 pm Sunday 24th March. This petition included with 1 million people marching on parliament requesting a second referendum. It remains unlikely that this pressure will result in a second referendum. 

Mrs May Enforces Exit Without a Deal

If Mrs May manages to hang on in Downing Street, the Prime Minister could force a no deal exit if she so wishes. The UK parliament has not taken no-deal off the table.

Customs Union with EU

A customs union with the EU is the most promising alternative to Mrs May deal. It would only require moderate changes to the political declaration. There is however a significant risk of the second referendum supporters refusing to accept a customs union as a compromise.

No Option – Including Customs Union

This is the most likely of the scenarios. This option could receive backing in the House of Commons. The Prime Minster goes back to EU without a plan. EU27 subsequently refuse to grant any more delays. Thus, triggering a hard Brexit.

ESRI Report on impact of Brexit on Irish economy

The ESRI have studied 3 scenarios on Brexit an estimate that in a hard Brexit scenario the Irish economy could contract by as much as 5% over 10 years, while employment would be 3.4% lower over that same period or 77,500 fewer jobs. This disorderly scenario would also mean real wages would decrease by 1.4% relative to consumption.

What questions do you have?

We are happy to help. Please post your comment below or call Colin O’Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

Image by Free-Photos from Pixabay

Posted on March 27, 2019 by Colin O'Brien

Blockchain part 5 of 6 – How Do I Implement my First Blockchain?

If you have read our previous blogs on Blockchain, you are probably now wondering what steps you and your business might undertake to incorporate Blockchain. Below are 6 steps to assist you in implementing Blockchain into your business:

Step 1. Deciding if Blockchain is applicable to your Industry

If you are uncertain how Blockchain can help your business, it can be useful to ask yourself the following questions:

  • Is my current system prone to errors due to manual input
  • Do I need to track transactions more efficiently.
  • Is my current system too complex.
  • Is my current system too costly.
  • Can a new network provide greater transparency.

If any of the above answers are applicable to your business, Blockchain is likely to benefit your business.

Step 2. Examining your Current Business Process

By placing your current business process under scrutiny – you will be able to identify inefficiencies or areas that are prone to delay.

Step 3. Determining How Blockchain Can Help

After identifying inefficiencies in your business process – the next step is to identify how Blockchain can alleviate these inefficiencies. For example, if a lack of trust is causing friction in your business. Blockchain can assist by providing a shared ledger, thereby increasing transparency.

Step 4. Is Blockchain Appropriate

Before implementing Blockchain you will need establish if it can provide real value, could the process be achieved by using an alternative system.

Step 5. Determining How Blockchain can Help You Achieve Your Goals

Ask yourself what you want to achieve by implementing Blockchain. How can your business measure how affective its initial implementation has been.

Step 6. Choosing the Appropriate Provider

Consider who would be your most appropriate Blockchain provider, it might be beneficial to consider the following:

  • Do you have frequent exchanges with the same individual, cold these exchanges be automated to free up time and money.
  • Do you require a permissioned network.
  • Do you need to know your clients, for example to adhere to KYC (Know your client) AML (anti money laundering legislation)

What questions do you have?

We are happy to help. Please post your comment below or call Colin O’Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

Posted on June 6, 2018 by Colin O'Brien

Blockchain part 4 of 6 – Blockchain in the Real World

The best ways to determine if Blockchain can help your business it to look at some real-world benefits. For example, it can provide to a range of businesses across the following separate and varied industries:

Insurance

  • Insurance providers need an efficient way to process claims. Blockchain can facilitate this by incorporating insurance claims and policy conditions into smart contracts stored on Blockchain. Once an insurance claim is made by a credible source, the insurance policy is automatically triggered.

Supply Chain Management

  • When something goes wrong in a complex system, for example an aircraft. It can be useful to implement supply chain management to establish the details of each component down to the date, batch and even the manufacturing machine. Blockchain can hold all these details.

Healthcare

  • Most hospital records are held in cloud like environment, making the data susceptible to data breaches leading to fines and damaging reputations. By incorporating greater granularities Blockchain can facilitate patients, doctor’s hospitals and insurers to maintain comprehensive medical history for every patient.

Financial Services

  • Commercial financing: Businesses need to purchase goods and services on credit – by implementing Blockchain and the process of sharing a ledged, there is complete visibility on all transactions and the potential for disputes is limited.
  • Trade finance: businesses need a way to expedite the process of moving goods across borders. Legal entities can sign all approvals on Blockchain, keeping all parties informed on the approval status.

What questions do you have?

We are happy to help. Please post your comment below or call Colin O’Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

Posted on May 30, 2018 by Colin O'Brien

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