Fianna Fáil Jobs and Enterprise Spokesperson, Niall Collins T.D has called for the immediate review of all employment and export targets in Enterprise 2025 following publication of the ESRI Brexit impact report today.
The ESRI report “Modelling the Medium to Long Term Potential Macroeconomic Impact of Brexit on Ireland” lays out a chilling prediction of increased Irish unemployment and reduced exports 10 years after a Brexit.
According to the ESRI, ‘a hard Brexit’ with Britain operating under WTO trading rules would result in Irish unemployment increasing by 2% and by 1.5% if a trade agreement was successfully concluded with the EU.
“Alarmingly, the report’s authors predict that Irish exports of goods and services would reduce by up to 5% under various trading scenarios,” said Collins.
“Given this latest Brexit impact report on Irish jobs, I am calling on Minister Mitchell O’Connor to immediately initiate a review of Enterprise 2025.”
“Enterprise 2025 was her Department’s 10 year strategic enterprise policy which was only published 12 months ago.”
“Clearly, it’s no longer fit for purpose, and urgently requires reviewing in light of the Brexit decision.”
“Enterprise 2025 says the “objective in future years will be to continue to increase our exports to current main markets such as the UK”. However, there is no allowance in forecasts on the impact of Brexit on Ireland in relation to employment levels and export targets based on the various UK trading scenarios that might emerge post Brexit.”
“Since the referendum, Irish economic growth has been downgraded and the first wave of job losses has already been felt in the agri-food sector as sterling plummets.”
“It is vital that the State’s 10 year enterprise policy is revised to take these factors on-board. The Minister must immediately commence such a revision, and ensure that our country’s is ready,” concluded Collins.