Brexit may cause 40,000 job losses and €20bn debt hike

As many as 40,000 jobs could be axed, the national debt could rise by €20bn, and food exports could be hit with up to 50% tariffs as a result of a hard Brexit, according to Department of Finance officials.

The stark reality of a hard Brexit was revealed to the Oireachtas finance committee where TDs admitted to being surprised by the details of a “worst-case scenario” in the aftermath of British prime minister Theresa May’s confirmation of a hard Brexit.

Department of Finance assistant secretary general John McCarthy outlined the estimates. The department also admitted it only has four full-time staff in Dublin working with Brexit.