Wednesday 11 December 2019

Brexit deal 'would boost State coffers in 2020'

Photo: Jonathan Brady/PA
Photo: Jonathan Brady/PA
Donal O'Donovan

Donal O'Donovan

The latest Brexit extension and a reduced risk of a messy UK exit from the EU are likely to provide an economic boost in Ireland, Paschal Donohoe has said.

The Minister for Finance told the Oireachtas Budgetary Oversight Committee that, if it happens, ratification of the UK's withdrawal agreement from the EU will mean less spending and more tax income next year for the Irish Government. "The risk of the UK departing the EU without a deal has been averted for now. However, the ultimate outcome is still uncertain and a disorderly Brexit is still possible," Mr Donohoe told the parliamentary committee.

"The extension of the Article 50 exit means that there is likely to be some upside to my department's forecasts.

"Indeed, if the withdrawal agreement is ratified, Ireland's position will, inter alia, improve, with increased revenues and lower expenditure than forecast in Budget 2020."

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