Fianna Fáil TD for Kerry John Brassil says Brexit remains the biggest threat to our economy and is warning that the government must ensure that the country has the capacity to respond if a no deal Brexit comes to pass.
He made the comments following the publication of the Summer Economic Statement this week.
Deputy Brassil said, “Brexit continues to loom large over the Irish economy bringing a lot of uncertainty with it. This year’s Budget will be announced three weeks before the October 31st Brexit deadline and given the range of possibilities – from a no deal Brexit to one with a withdrawal agreement – drawing up Budget 2020 will be extremely challenging.
“The figures in the Summer Economic Statement are stark and show that a no deal Brexit will have serious implications for Ireland’s economy and government finances. Yet knowing this, just six months ago the Taoiseach promised a €2.3 billion tax cut that has now shown up to be completely irresponsible.
“We need the State to have the capacity to respond if a no deal Brexit comes to fruition. We also need to be prepared to protect the vital public services that people depend on.
“What is clear from the Summer Economic Statement is the fact that the Finance Minister now plans to pay for the massive overspends on the National Children’s Hospital and the National Broadband Plan out of future Budgets. However, if there is a no deal Brexit, will we have the capacity to pay these bills?
“Fine Gael’s reliance on future budgets is neither prudent not credible. A no deal Brexit – which remains a real possibility – could spell a major economic shock and these two projects could severely impact our ability to respond to it”, said Deputy Brassil.
