‘There is a huge risk’ for the Irish economy
Posted On July 23, 2021
An Irish economist says that the economic damage caused by Brexit is “quite high”, but there is “a huge risk” for the economy.
The Economist magazine’s Michael O’Leary said the economic fallout of Brexit is likely to be felt “for years to come” in Ireland, adding that the impact would be felt by the public and businesses.
Mr O’Brien said: “The impact of Brexit on Ireland will be enormous.
It will affect our economies.
Its a very big impact. “
It is quite a huge amount of money that has to be invested.
Its a very big impact.
Brexit is a risk that will have a significant effect on our economy for the next decade.
If we don’t deal with Brexit, its a huge drag on the economy for decades to come.”
Ireland will have to deal with a huge burden of EU budget cuts after Brexit, with the UK imposing a “negative external tax” on businesses and a “surge in tax liabilities” for businesses.
Mr O’Boyle said the UK would impose a negative external tax on businesses, while the EU will increase tax liabilities by £2.5 billion a year from 2019 to 2020.
He said: “What is likely in the long term to have a huge impact on Ireland is that there will be a huge increase in the amount of tax that we pay.
Mr Dolan said: The only thing that Ireland can do is to get on with the job of negotiating a new relationship with the EU and of maintaining the existing relationship. “
Its going to be quite a big burden on our country.”
Mr Dolan said: The only thing that Ireland can do is to get on with the job of negotiating a new relationship with the EU and of maintaining the existing relationship.
Irish Prime Minister Leo Varadkar said Brexit had been “a difficult decision” and he was confident it would not have a negative impact on the country.
In a joint statement, Taoiseach Leo Varady and his Irish counterpart Enda Kenny said: Ireland remains deeply committed to our relationship with our European neighbours, and the Government will continue to work with EU partners in the Brexit negotiations.
They said the Government was committed to maintaining a positive relationship with all our European partners, and to working towards a fair and mutually beneficial relationship between Ireland and the EU.
This includes an end to the punitive tariffs that were imposed on goods entering the UK from EU countries and the implementation of a free trade agreement between the two countries.