Moody’s on the Money on Trump and Brexit – Donnelly

Published on: 03 March 2017

Fianna Fáil Spokesperson on Brexit Stephen Donnelly TD says a new report published by Moody’s highlights the huge economic challenges facing Ireland due to the combination of Brexit and proposed tax policies by US President Trump.

The report says Ireland will be hit hardest of all EU countries due to a so-called ‘hard’ Brexit.

Deputy Donnelly commented, “Moody’s report highlights the coming economic storm facing Ireland as a result of Brexit, an unpredictable Trump administration in the United States and weakening global economic conditions. Ireland is caught in a Trump-Brexit sandwich.

“The fallout of the Trump administrations tax reform plans, the impact of a potential Common Consolidated Tax Base and Brexit are all posing challenges to Ireland at the same time, and we are entering uncharted waters.

“As Government enters talks for Brexit, we need clarity on what is required to protect jobs, trade and the welfare of the people. We must make it clear from the offset that Ireland is facing the gravest economic challenges in the EU. Our European partners must be aware of the impact this will have. Brexit poses serious threats to Irish jobs, in particular in agriculture, while the CCTB and President Trump’s plans on corporation tax could result in big losses of exchequer revenues and possibly see a slowdown in foreign investment into Ireland.

“Firm leadership is needed by Government to help ensure Ireland’s economic model is not fatally undermined in the years ahead. This is undoubtedly one of the greatest challenges facing Ireland in a generation. The Government urgently needs to step up its efforts to mitigate the damage which is coming down the tracks.”

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