Thursday 27 October 2016

Brexit: Noonan says no budget 2017 cuts here as Osborne warns of higher taxes and lower spending

Published 28/06/2016 | 12:39

Restraint: Minister Noonan
Restraint: Minister Noonan

There will be no immediate tax hikes or spending cuts here and budget plans for 2017 won't change after the Brexit vote, minister for finance Michael Noonan insisted today.

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In Britain Chancellor George Osborne this morning warned that his country will be worse off, and will need higher taxes and lower spending after voting to leave the European Union last Thursday.

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"The referendum was in the UK. The main effects are in the UK, it voted to leave, Michael Noonan said.

The fiscal space or Budget leeway for next year is unchanged, he insisted.

Read more: New Brexit blow as Fitch downgrades Britain's credit rating

Any adverse consequences for Ireland would be in the medium term and can be contained, if Britain gets a deal allowing it continued access to the single market and retains the UK/Ireland common travel area, he said.

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