Brexit ‘to have negative impact’ on Ireland says Central Bank

Brexit will have a negative impact on the economy but could also provide opportunities, according to the Central Bank of Ireland.

The Central Bank’s chief economist, Gabriel Fagan, has said it is clear the impact on the Irish economy “will be negative and material, both in the short-term and the longer term”.

He told the Oireachtas committee on budgetary oversight that assessing the future outlook has been further complicated by the decision of Britain to leave the EU and it will be difficult to estimate the impact it will have “with precision”.