UK leaving the EU could be 'catastrophic' for Irish economy

UK leaving the EU could be 'catastrophic' for Irish economy

Irish businesses are warning that an "In or Out" referendum on the UK's EU membership could be 'catastrophic' for our economy.

The warning came from the British and Irish Chamber of Commerce two days from polling day in a general election that could decide the likelihood of a 'Brexit'.

Michael Keaveney is the UK Director of the British and Irish Chamber of Commerce.

He said that the €1bn euro in weekly trade with our nearest neighbour could be under threat.

Michael Keaveney is the UK director of the British and Irish Chamber of Commerce, he says the billion euro on weekly trade with our nearest neighbour could be under threat if that goes ahead.

"Whether Britain is negatively or positively effected by an exit from the EU, Ireland will certainly be negatively effected. It is a huge concern to Irish businesses who are exporting to Britain.

David Cameron said that he would not negotiate away the right to hold such a vote, while Labour have been campaigning against threatening the UK's future in Europe.

Labour MP Tom Watson was trying to drive out the vote in the London borough of Ealing today, which is one of 40 ‘marginal seats’ which will decide who ends up in 10 Downing Street.

The polls show that the race is too close to call, and that a ‘hung parliament’ and the prospect of a minority multi-party government may be a reality.

Prime Minister David Cameron and Labour’s Ed Miliband have been criss-crossing Britain throughout the day in a final push for voters.

Mr Cameron says his pledge to hold an In or Out referendum on the UK’s EU Membership is not negotiable, no matter what party’s support he needs to stay in the job.

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