Government plans to cash in on Brexit from the EU

The Irish Government has plans to benefit financially at the expense of Britain’s exit from the European Union, but is seeking to do so without antagonising our near neighbour.

The complicated situation is being examined by senior officials and industry umbrella groups, as the political and economic crisis in Britain continues to cause havoc to the country’s financial planning.

In the coming days, Taoiseach Enda Kenny will meet with German chancellor, Angela Merkel, in Berlin, and French President François Hollande, in Dublin, to re-emphasise their personal relationships post-Brexit.

Foreign Affairs Minister Charlie Flanagan also travelled to Germany yesterday to hold a bi-lateral discussion, during a short trade mission with his counterpart, Frank-Walter Steinmeier.

Mr Flanagan has a similar meeting with Italian foreign minister, Paolo Gentiloni, in Dublin, on Tuesday.

Charlie Flanagan
Charlie Flanagan

In addition, during Euro-group and Eco-fin EU finance minister meetings next week, Ireland is expected to emphasise its ongoing role in the single market, while the country’s export trade council will meet in the coming days.

However, behind the scenes, more detailed plans are being put in place, to help Irish-based firms and the exchequer itself to benefit from the crisis in Britain.

Officials are keeping a close watch on changing economic policy under British chancellor, George Osborne, while internal discussions are likely to examine how Ireland can convince firms currently based in Britain to transfer to Ireland, among other matters.

However, unlike potential EU rivals, such as France, Ireland’s approach is understood to be based on subtle manoeuvres which do not publicly antagonise Britain, due to the sensitive relationship between both nations.

While it was projected by IDA Ireland that the Brexit fallout would cause a 0.5% fall for the Irish economy next year, its impact in 2018 and 2019 is unclear.

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