‘Prepare for all Brexit outcomes’: Paschal Donohoe says no-deal situation could cost Ireland millions

Finance Minister Paschal Donohoe has warned that Ireland must move into a “new phase of preparedness” for all potential Brexit outcomes amid fears a no-deal situation could cost this country hundreds of millions of euro and see unemployment levels surge.

Speaking before a special Cabinet meeting in south west Kerry on Wednesday, which is expected to see talks focus on hard Brexit contingency plans, Mr Donohoe said it was inevitable that the Government is preparing for all options.

In a high-stakes move yesterday, British prime minister Theresa May told hardline Brexiteers in her own party to either back her soft Brexit blueprint or face the growing prospect of Britain crashing out of the EU with no deal.