Irish Operations Of M&S, Iceland Likely To Be Hardest Hit By 'No-Deal' Brexit
A leading retail analyst has said that the Irish operations of Marks & Spencer and frozen foods retailer Iceland are likely to be hardest hit in the event of a no-deal Brexit, with Tesco and a number of other retailers also impacted.
Clive Black of Shore Capital told ESM that a hard Brexit is likely to impact currency rates, trade flows – "goods into the UK from all over the world, but notably the EU" – as well as consumer and corporate confidence and behaviour.
'Chaos Seems Possible'
"Chaos seems highly possible, particularly for UK exporters," Black explained. "So if the EU/Ireland imposes controls and tariffs, then M&S and Iceland would undoubtedly be hit considerably, as would Tesco and the other local players in ambient grocery and HPC, a lot of which comes from the UK."
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