We can't predict Brexit hit - Noonan
Published 01/07/2016 | 02:30
Finance Minister Michael Noonan has admitted for the first time that it is not possible to forecast how badly Ireland will be hit by Brexit.
Mr Noonan admitted the money available for Budget 2017 will be reduced slightly and the sale of AIB will be delayed.
However, he warned that the impact of Britain being pushed out of the single market was uncertain.
Meanwhile, Taoiseach Enda Kenny shot down the view of some colleagues that Ireland could leave the EU if our corporation tax rate was threatened.
"Certainly not. Corporate tax is a matter of national competency. It is protected by the European Unions treaties. We will not be leaving the EU on it."
Writing in today's Irish Independent, Fianna Fáil leader Micheál Martin says the aftermath of Brexit should be given "absolute priority", with extra staff devoted to it by the Government.
It came on a dramatic day in British politics as the race for the Conservative Party leadership was finalised, with prominent Leave campaigner Boris Johnson out of the running.