Newstalk
Newstalk

17.57 13 Feb 2018


Share this article


A worst-case scenario Brexit deal could cost the Irish economy €18 billion, according to an independent report.

The report was commissioned by the Government, and was considered by the Cabinet this morning.

It stated Brexit will have a negative impact on Ireland in all scenarios, even with a soft exit.

The study, which has been published today, found that Britain's exit from the EU could have an impact on people's wages, and risks possible job losses in key sectors.

The report - carried out by Copenhagen Economics - highlights that agri-food, pharma-chemicals, electrical machinery, wholesale & retail and air transport will be the sectors most impacted by Brexit.

However, the report was done under the premise no government action will be taken to counter the risk.

It acknowledges that government intervention - through measures such as trade promotion policies - could mitigate the damage to the economy.

Business Minister Heather Humphreys says they are already making efforts to mitigate the damage, but there are risks.

She observed: "If growth isn't as projected [...] there may be some slight divergence in wages. Nevertheless, I don't see that as a big issue.

"It is in the report that there could be possible job losses in the most vulnerable sectors."

She added: “Without a doubt, the study underlines the importance of a satisfactory transition period and exit deal." 

Worst-case scenario Brexit deal could cost Irish economy €18bn, report finds

00:00:00 / 00:00:00

Additional reporting by Stephen McNeice


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

ON THE RECORD WITH GAVAN REILL...

ON THE RECORD WITH GAVAN REILLY

11:00-13:00

Share

Up next

OFF THE BALL

OFF THE BALL

13:00-18:00

Share

TECH TALK WITH JESSICA KELLY

TECH TALK WITH JESSICA KELLY

18:00-19:00

Share

TALKING HISTORY WITH PATRICK G...

TALKING HISTORY WITH PATRICK GEOGHEGAN

19:00-20:00

Share

SOUNDSCAPE

SOUNDSCAPE

20:00-21:00

Share

YOU COULDN'T MAKE IT UP

YOU COULDN'T MAKE IT UP

21:00-21:30

Share

FUTUREPROOF WITH JONATHAN MCCR...

FUTUREPROOF WITH JONATHAN MCCREA

21:30-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

00:00:00 / 00:00:00

Share on