Thursday 19 January 2017

Brexit 'will hit Ireland worst'

Published 09/08/2016 | 02:30

Taoiseach Enda Kenny
Taoiseach Enda Kenny

The impact of Brexit will be felt worst in Ireland, according to a major survey of leading business and economic experts.

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The study, by an influential German think-tank, found that Irish analysts were the most pessimistic in Europe about the effect of Britain's withdrawal from the European Union.

Responding to a worldwide survey by the Munich-based Ifo Institute, the Irish contingent was even more negative about Brexit than the expert response from Britain itself.

The experts surveyed included leaders at multinational firms, banks, chambers of commerce and academics.

The findings will reinforce to the German government the concern in Ireland regarding Brexit. Taoiseach Enda Kenny has already travelled to Berlin to highlight to Chancellor Angela Merkel the difficulties posed for Ireland, both economic and political in terms of Northern Ireland, as a result of the vote in the UK on June 23.

Writing in today's Irish Independent, Ifo economist Andreas Steiner says: "Our survey highlights that experts fear that Ireland's economy will severely suffer from Brexit."

Meanwhile, households upped their spending last month despite the impact on confidence of the Brexit vote.

Restaurants, bars and hotels are the big beneficiaries of the increased level of spending.

Irish Independent

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