THE PRESIDENT of Wexford Chamber, Karl Fitzpatrick, has called upon the government to immediately introduce measures to help prevent Brexit-related job losses in Ireland.

He has proposed the establishment of an Enterprise Stabilisation Fund to support exporting businesses.

Many Irish exporters are, he has stated, already experiencing challenges following the outcome of the landmark UK referendum.

As Brexit is anticipated to continue to cause volatility within the export market for some time to come, it has the potential to cause substantial job losses for Irish exporters.

As the President of Wexford Chamber, the businessman is calling on the government to establish the fund in the form of an Employment Subsidy Scheme to help alleviate pressure on Ireland’s valuable export sector.

This intervention is envisaged to provide targeted support to viable but vulnerable exporting companies, with a view to assisting them to operate in the testing business environment which has been created following the United Kingdom’s vote to leave the European Union.

Commenting on the proposed fund, Mr. Fitzpatrick said it “should have a total budget of €150 million which would be allocated over three consecutive years, with €50 million being provided in 2017 and a further €50 million to follow in both 2018 and 2019.

“We would envisage that the fund would be established through the Department of Jobs, Enterprise and Innovation and administered by Enterprise Ireland.

“Approvals should be based on business plans submitted to Enterprise Ireland by applicant companies,” the entrepreneur stated.

“Over twenty-four months, the Employment Subsidy Scheme should provide a maximum subsidy of €150 per week, for one full-time person, for every ten employed by the eligible company,” he added.

Read more in the Wexford Echo.