The price of bread and cereals could rise by up to 30%, while milk, cheese, and eggs prices could increase by 46% if tariffs and trade costs were introduced.

University College Cork economist Seamus Coffey, 39, has been appointed as the head of the Irish Fiscal Advisory Council by Finance Minister Michael Noonan.

Ireland would be the worst hit if Britain continues to head down the path toward a ‘hard Brexit’ divorce with Brussels, an in-depth Irish study of exports and imports across the EU has revealed.

The economy is clearly revving up for growth, but can the rebound really be sustained if one of its key motors, the country’s indigenous enterprises, lack the financial wherewithal to allow them to partake in the expansion both at home and abroad?

Irish SMEs are among the most heavily reliant on banks for funding, although since the financial crash there has been a move to trade credit and equity for working capital.