Thursday 14 December 2017

Early figures on potential impact make for sober reading

Department of Finance chief economist John McCarthy Photo: Douglas O'Connor
Department of Finance chief economist John McCarthy Photo: Douglas O'Connor
John Downing

John Downing

Since early Friday morning on June 24 last we have known that this would at best be economic equivalent of a mopping-up operation.

Now the Department of Finance's most senior officials have begun to put numbers on the scale of the challenge we face. Their comments follow the first official outline on Tuesday by British Prime Minister Theresa May of how London wants the UK-EU separation process to go.

Let's caution that what follows is essentially a do-nothing, worst-case scenario. Department of Finance secretary general Derek Moran stressed that more can be done to meet the challenges ahead.

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