Irish exporters and manufacturers have enjoyed a really strong working relationship with the farming community in the UK. Irish machines are considered to be tough, durable and suitable for farms in the UK. The most immediate impact will be the exchange rate on the sale of machines from Ireland by our manufacturers. A strong euro will against the sterling will increase the price of machines produced here for the UK market. Added to that if it is decided to add a tariff on imports in to the UK this will again add to the cost incurred by the British consumer. Exports from the agri-engineering subsector 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, at the moment it is a good time to import from the UK. Sterling dropped to a 30-year low and bounced up and down all day. The uncertainty in the currency has led to most online converter websites crashing. 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 with dealers. 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 Europe? 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?

UK and Northern Ireland manufacturers like JCB, Chafer and Kane 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 initially Brexit has only influenced the currency and value of bonds at this early stage. The big uncertainty is what will actually happen with trade agreements, taxes and borders in the future. How easy will it be for Ireland to do business with its neighbour? The rest of Europe may not be keen to trade with a country that could have started the dissemination of the whole EU structure. According to figures from Enterprise Ireland, we exported €20bn of goods in 2015, with €7bn going to the UK, up 12% on 2014.