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Saturday 3 December 2016

Ireland could lose €2bn a year if UK leaves EU in 'best case scenario'

Published 15/04/2015 | 08:42

An Irish flag flies next to an EU flag in front of the EU Commission headquarters in Brussels
An Irish flag flies next to an EU flag in front of the EU Commission headquarters in Brussels

Ireland could be even harder hit than the UK itself if Britain decides to leave the EU, a leading London economic think tank has predicted.

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Open Europe has claimed in a new economic study that in a best-case scenario where a “Brexit” occurs, Ireland would lose 1.1pc of its GDP by 2030, the equivalent of almost €2bn annually by today’s standards.

The report states: "Perhaps unsurprisingly, given the geographic proximity and high levels of trade, our modelling suggests that Ireland would be hit hardest  [if the UK was to leave the EU]".

However, the think tank added that if Britain was to revert to World Trade Organisation rules, that Ireland “could see a  permanent loss to GDP of 3pc by 2030. This means Ireland would actually be worse off than the UK in such a scenario”.

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