Michael Noonan: Brexit has no impact on next budget

The knock-on economic consequences from Brexit are unlikely to impact on the next budget but could reduce public spending power in future years, Finance Minister Michael Noonan has said.

He also confirmed that a predicted drop in economic growth because of Brexit, forecast as up to €3bn in the recent summer economic statement, was now being reviewed.

The minister said Britain’s decision to leave would have “little or no impact” on the forthcoming budget in October for 2017 but may affect future ones between 2019 and 2021.