Wednesday 21 February 2018

Hard Brexit could cost Ireland as many as 40,000 jobs - chief economist

The Union Jack and EU flag hang outside the EU parliament in Brussels
The Union Jack and EU flag hang outside the EU parliament in Brussels
Donal O'Donovan

Donal O'Donovan

A hard Brexit could cost Ireland as many as 40,000 jobs in the medium term and could add €20bn to the national debt, according to the Department of Finance.

The chief economist at the Department of Finance John McCarthy said exports to the UK could fall as much as a third, in the event of a worst case Brexit deal.

The figures are based on a model that assumes no policy response by the Government here.

There are just four staff in the Department of Finance's dedicated to Brexit, its secretary general Derek Moran has told TDs and senators.

An additional five and a half staff in Brussels are working full time on the issue.

Officials are speaking at the Oireachtas Finance Committee.

More to follow...

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