Cabinet to discuss report which warns Brexit could be as bad for Ireland as economic crash

The Cabinet is to discuss a report which warns that Brexit could cause as much damage as the economic crash.

The study - contained in the Irish Times - says that depending on what type of Brexit emerges - the economy could shrink by as much as 7% by 2030.

Leo Varadkar's Cabinet June 2017.

It comes as research from 'Food Drink Ireland' shows that agri-food exports to the UK has fallen by €570m since the June 2016 referendum - with the loss of almost 6,000 jobs.

The group's Kevin McPartland says prepared consumer food companies, which include ready-to-eat meals and confectionery products - are particularly exposed.

He said: "Some of the brands are obvious Tayto, Kimberley, the iconic Irish brands but you also have to think about the companies that are moving things into Ireland.

"You have a lot of multi-nationals who are not manufacturing here but are bringing stuff in and for them, tariffs are very complicated if they are manufacturing North and South of the border or East and west and that happens a lot."

Earlier: Brexit could be as bad for Ireland as economic crash

Brexit could be as bad for Ireland as the economic crash.

A new expert report for the Government says the financial impact could equal the downturn of 2008 to 2009 - but last even longer.

The study by Copenhagen Economics, quoted in today's Irish Times, claims the economy could be 7% smaller in 2030 than it would have been without Brexit.

It is the latest in a line of reports and Fianna Fail's Stephen Donnelly says we need to see real action on the ground.

He said: "Fianna Fáil is calling on the Government this week to stop dithering on the domestic response to Brexit.

"Fianna Fáil has supported the Government's international efforts on Brexit but domestically, the Government has done next to nothing.

"We have a report which will now be seen by the cabinet showing the potentially catastrophic effects."

Donnelly also says the Government must 'stop dithering' over its response to what lies ahead.

The Cabinet will examine the independent study, which warns that a hard Brexit will cost Ireland up to €18bn.

Mr Donnelly says there is still a lot to do.

He said: "The domestic response, getting our businesses ready, our farming community, our farming community, our agri-food, tourism sectors - all of these are going to need help.

"We have seen very little from Government so far except for websites, questionnaires and meetings.

"We need to see real action on the ground now."

- Digital Desk


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