Brexit economic woes - We face as much risk as Britain

THE reality of Britain’s decision to leave the EU is becoming more stark by the day, with the Lloyds Banking Group yesterday announcing that it is cutting 3,000 jobs and shutting 200 branches in the UK, as it braces itself for a cut in interest rates.

The Bank of England is widely expected to cut interest rates from 0.5% to 0.25% next week. The fallout from the Brexit vote is intensifying.

That fallout is likely to affect Ireland as much as Britain. While the Central Bank says unemployment here will fall, despite Brexit, it warned yesterday that the UK’s decision to leave the EU will inflict “a negative and material” blow to the Irish economy.