Above from left Fine Gael Minister for Finance, Paschal Donohoe with Tanaiste & Minister for Foreign Affairs and Trade, Simon Coveney and Minister of State for European Affairs, Helen McEntee talk to the media about the Government’s plans Brexit preparations.
Only Helen’s.
This afternoon.
Government Buildings.
The Goverment’s Contingency Action Plan Update acknowledges there is a “high degree of uncertainty” about forecasting the impact on Ireland.
But it adds the impacts in the first year following a no-deal would be “very damaging”.
It says small and medium businesses and companies in the regions would suffer “severe negative effects”
It adds the impact of UK import and export exposure for firms could be compounded by currency volatility between the euro and sterling.
It repeats that there would be an expected increase in unemployment of 50-55,000 after the UK leaves.
No-deal Brexit would have far reaching change on island of Ireland, warns Govt (RTÉ)
In the UK, the Bank of England warns that a no deal Brexit could see house prices collapse by 35%.
https://www.bbc.com/news/business-45516678
What’s the position in Ireland and why doesn’t FG want to tell you…..
Why not ask the central bank?
That’s not what the Bank of England said. It just ran stress tests to see if the banks could withstand a 1/3 drop in house prices.
No, that’s not right. The Bank of England has predicted the impact of no deal Brexit on the economy, unemployment and property values. It has predicted a no deal Brexit could by itself lead to a 35% decline in house prices.
In Ireland, the govt appears to be predicting the impact of a no deal Brexit on GDP and unemployment, but it’s stopping short of predicting the impact on house prices.
But people aren’t stupid.
They know a 35% decline in Dublin would mean a €350,000 property would decline by more than €120,000 and possibly in the short term if there is a no deal by October which is looking increasingly probable with Boris Johnson about to take over in Britain.
Why would you buy a house today with the govt telling you the chances of a no deal Brexit have never been higher, when you’d face such a huge decline in value in the short term?
[PS, the govt’s 117-page report which surprisingly omits the impact of no deal Brexit on property prices, lest it scare buyers off, is here https://www.dfa.ie/media/dfa/eu/brexit/keydocuments/Contingency-Action-Plan-Update.-July-2019.pdf ]
Head honcho noticeable by his absence. All the better.
Yeah, I can’t see him being a great leader in a crisis.
When in a few years the english want back in, a heavy price should be levied to accept them.
lol
…deGaull was right…in fairness…
The current headline on the RTE site reads ‘Hard Brexit Would Have Far Reaching Change” Clearly whoever wrote it was so panicked at the prospect they forgot how to make sense.
I see Helen McEntee with her perpetual CONFUSED FACE!
The woman is utterly useless. Oxegen thief, if there ever was one.
agreed
how dare you…Helen mcentee is not a product of nepotism but am intellectual powerhouse
Unfair.
Yes she got elected because of her dad, but, and it takes a lot for me to say this of a blueshirt, she’s been impressive since taking up her junior ministerial role. She calmly demolished John Humphreys on the Today programme when he ignorantly and arrogantly suggested that we might want to follow the UK out of the EU, and for that, I’ll always respect her.
And the highlights comment is unworthy of you.
+ Stan…a surprise package…quietly impressive…
There is a good side to all of this no deal stuff- some British intelligence inter-twined with Irish affairs will be outed- now that I something I REALLY look forward to.
Especially on platforms running sites like this.
So, the contingency plan is……what? To tell us that
-there’s a high degree of uncertainty
-it would be very damaging
-it would have severe negative effects
-currency fluctuations could compound problems
-increase in unemployment of up to 55,000
So – anyone see a contingency plan in the above?.