The most immediate impact of the British decision to leave the European Union will be the exchange rate on the sale of machines from Ireland by our manufacturers. A strong euro will increase the price of machines produced here for the UK market.

In the longer term, any decision to add tariffs on imports into the UK would add more costs for the British consumer. Agri-engineering exports are worth around €100m to the exchequer every year, with approximately 75% of sales going to the UK according to the FTMTA.

From the individual farmer’s perspective , it is a good time to import from the UK. There is an abundance of used tractors in the UK. These tractors had not been attractive for buyers in Europe due to the weak exchange rate. In the short term this will give an opportunity for Irish importers. On the other hand it will put pressure on our own secondhand machinery market. It is recommended if going to the UK for equipment to buy off a reputable source with an invoice and papers for the tractor.

The UK is a base to a number of large machinery corporations, such as New Holland, AGCO, Lemken and SDF. How likely is it that these worldwide manufacturing powerhouses will want to remain based in a country that is not part of the EU? Difficulties with borders and trade may prompt them to move any manufacturing and administration out of the UK and back to a European hub. Could this be an opportunity for Ireland as an English-speaking EU base to attract more companies in?

British and Northern Irish manufacturers such as JCB, Chafer and Kane, to mention a few, will see their goods reduce in price for the Irish consumer. This will again make them more competitive against our indigenous manufacturers.

It is worth noting that Brexit has only influenced the currency and value of bonds at this early stage. The big uncertainty is what will happen with trade agreements, taxes and borders in the future. How easy will it be for Ireland to do business with its neighbour?