The value of sterling could fall to as low as 97p against the euro in the event of a no-deal Brexit in just a few weeks’ time, according to John Finn, managing director of Treasury Solutions – a company that works with Irish businesses on currency transactions.

Speaking to RTÉ this week, Finn said the Irish food processing and manufacturing industry had done fine throughout the COVID-19 crisis as people were still eating but said food exporters to the UK will get hammered if there’s a hard Brexit in 65 days’ time.

“If a Brexit deal happens, you’d probably expect sterling back at 87p to 88p against the euro.

“That’s what exporters are hoping for. If there’s no deal, 95p to 97p would be inevitable fairly quickly so that’s the risk. On balance, I’d say exporters are probably hoping more than hedging that they’ve got it right,” said Finn.

“Food processing and manufacturing have done fine in the sense that people are still eating, but they’ll get hammered if they’re exporting to the UK and there’s a hard Brexit,” he said.