55,000 firms ‘still without essential Brexit number’

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Email Around 55,000 Irish businesses that traded with the UK last year are still without an Economic Operators Registration and Identification (EORI) number. This is according to Fianna Fáil spokesperson on Brexit, Lisa Chambers.

Having an EORI number for customs and excise is the minimum requirement for businesses to be able to move goods in and out of the European Union customs area.

Issued by the Revenue, it will be a prerequisite for firms that wish to trade with, or through, the UK following its departure from the EU.

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While Boris Johnson’s Conservative Party secured a majority in the UK general election earlier this month, uncertainty around what exactly the UK’s exit from the EU will look like continues.

Among the concerns facing Irish businesses that export to the UK are currency fluctuation, as well as possible tariffs and supply chain disruption.

Ms Chambers said there is still a level of unpreparedness among businesses that trade with the UK as next month’s Brexit deadline approaches.

She said the number of companies that did business with the UK last year which still don’t have an EORI number is «concerning».

«These are worrying statistics, particularly given Prime Minister Johnson’s plan to legislate to prevent an extension to the transition period beyond the end of 2020,» Ms Chambers said.

«The reality is that a no-deal Brexit is not off the table and businesses must be prepared for all potential outcomes.»

She added that 12 months from now the country is facing the very real prospect of a hard Brexit, «which would be hugely detrimental to Irish businesses and trade».

Meanwhile, the ‘Sunday Telegraph’ reported that almost £4bn (€4.7bn) has been ploughed back into funds that invest in shares listed in London since the UK general election was called, in the biggest wave of money since prior to the UK’s referendum to exit the EU in 2016. Recovering investor confidence following Mr Johnson’s comprehensive victory in the election earlier this month has driven billions back into UK stock funds in recent weeks.