The newly appointed Chair of the Association of Chartered Certified Accountants (ACCA) in Ireland has said that Derry is hugely dependent on a dynamic cross border economy and with its remote location in a post Brexit arena, it is the most exposed small city in Ireland.

Clodagh Hegarty, who is a Lecturer in Accounting at the Department of Global Business and Enterprise at Ulster University has said that graduates and skilled talent who are integral to the future development and success of the economy in the North West, will not stay in the City post Brexit.

According to Clodagh immediate support is needed for a regional economy that has been isolated for too long and one that survives on a fine cross border Derry, Letterkenny economic axis, which supports jobs and local employment. There are a number of global companies who have invested in the city in sectors such as IT and technology manufacturing alongside leading academic institutions and world–class centres of research for tomorrow’s industry which augurs well for the future, however Clodagh Hegarty has said that the Brexit process is unsettling the potential for future prosperity in the North–West and needs to be addressed.

Calling on the UK Government to immediately introduce the proposed Derry and Strabane City Regional Deal, to support commerce in the North West at such a challenging time Clodagh Hegarty said, “The North West is producing some of the most talented and skilled graduates anywhere in the UK, with many undoubtedly having the capability of starting businesses and creating employment.  However, with the uncertainty regarding the Brexit process and a very finely balanced economy dependent on a small number of revenue generating sectors which are being directly threatened by the Brexit process, many of those young people will unfortunately not be starting those businesses in Derry or its surrounding area. They will be travelling to Dublin, London and other EU cities to achieve their business goals.” 

“To help address this challenge with the region so exposed to the current uncertainty, I would call on all those with influence to provide businesses and the next generation of entrepreneurs with re–assurances and support by immediately introducing an economic stimulus through the proposed City deal.

“Both within my role as lecturer at the Ulster University and as Chair of ACCA, I am consistently gauging the views of both the next generation of entrepreneurs and small businesses that are playing a vital role in the economic supply chain in the North West.   Both these demographics are telling me that to keep our talent and sustain and grow employment, more opportunities must be developed with inward investment and regeneration within the City and the surrounding area.  If political stakeholders do not address this issue, there will be a lost opportunity and lost generation within the North West.”