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Tue, 12 Nov 2019 06:26 GMT

Ireland Prepares 2020 Budget Based on No-deal Brexit


7Dnews London

Wed, 11 Sep 2019 18:56 GMT

Irish finance minister Paschal Donohoe said on Wednesday September 11th that his country is preparing its 2020 budget on the basis that Britain will leave the EU in a no-deal Brexit.

"Basing budget 2020 on the assumption of a no-deal Brexit is a sensible budgetary strategy and one that the government intends to follow," said Donohoe.

"A no deal Brexit will have profound implications for Ireland on all levels. These include macroeconomic, trade and sectoral challenges, both immediately and in the longer term."

The Irish government considers a no-deal the most likely outcome of Britain's divorce project with the EU.

"Given the uncertainty and lack of clarity regarding the timing and format that the United Kingdom exit will take, preparing for a no deal Brexit is the most sensible and it is the safest option," Donohoe told reporters.

Prime Minister Boris Johnson has pledged to "do or die" Brexit on October 31st, whether or not a withdrawal agreement has been ratified to reduce the effects of the split.

The 2.8 billion euro ($3.08 bn) 2020 budget package will contain expenditure schemes designed to boost sectors most exposed to Brexit fallout, likely to include agriculture and manufacturing.