Chevron, Europe, David Coulter discussed on Business Story of the Day : NPR - Brexit Decision Takes A Toll On Ireland's Tourism Industry

Automatic TRANSCRIPT

Support for this npr podcast in the following message comes from chevron chevron celebrates innovators and entrepreneurs who create build do and chevron is finding better ways to do with they do to help keep doers doing one looming question in europe has been what's brexit gonna feel like well some irish businesses are finding out they've been clobbered by a fall in the pound the uk currency enters frankfort reports from county donegal ireland david coulter owns the in showing mushroom farm here today a conveyors loading compost in the giant trees were colder grosses mushrooms we grow in the plastic tunnels are insulated tunnels ring pohiva thirty four people holds if to grow mushrooms with filling today so it's two weeks in three days we will have mushrooms for him brexit still eighteen months away the cultures mushroom form is already paying a price soon after the brexit vote the value the british pound plunged we'll has been disastrous ninetyeight percent of our product goes into the uk market which means coulter earns around eighteen percent less for his mushrooms because he's paid in pounds the pound fell because investors think leaving the eu's massive market will damage the uk economy recently coulter who sixty seven has had to reduce cost he's laid off workers some russell is working up to eighteen hours a day and culture is also found a way to save money on compost that has given us some really if we weren't getting it you would not be talking to me today what would you be doing know what indigo would breed business mushroom farmers have narrow profit margins which make them especially vulnerable to exchange rate swings culture though feels relatively lucky at least six mushroom farms of closed since the drop in the pound.

Coming up next