Sunday 23 July 2017

Richard Curran: Our recovery will be hit hard now we have lost a great ally in Europe

Brussels will not want a deal with the UK to look good - making it worse still for us, says Richard Curran

'We took a bullet for the eurozone in 2008 to preserve the banking system and protect the single currency. It came with a net price tag of about €30bn. We may be asked to take another bullet to help preserve the European Union itself.' Photo: Bloomberg
'We took a bullet for the eurozone in 2008 to preserve the banking system and protect the single currency. It came with a net price tag of about €30bn. We may be asked to take another bullet to help preserve the European Union itself.' Photo: Bloomberg
Richard Curran

Richard Curran

The decision by the British public to leave the EU has come as a hammer blow to many Irish businesses right across the country. The reverberations were felt immediately in financial markets, while sterling fell sharply yesterday morning.

The full implications of the decision will take time to unfold but right away, the signs are not good. Firstly, businesses hate uncertainty. As the UK begins a two-year-long process of negotiating its exit from the EU, uncertainty will prevail for quite some time.

The biggest uncertainty is around the shape of the relationship our nearest neighbour will have with the EU. These will be difficult and complex negotiations involving London and Brussels.

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