The price of Brexit: Noonan warns of €3bn loss to Ireland

A Brexit could cost the Irish economy between €2.5bn and just over €3bn over the next two years, potentially wiping out the room for tax cuts and extra spending.

Finance Minister Michael Noonan has attempted to play down the risk to the future budgets here, saying the reduction in growth would be “containable”.

However, working off analysis compiled by the UK Treasury and a British government think tank, the Department of Finance estimates a ‘Leave’ vote could cost Ireland up to €3bn between 2017 and 2018.

This is more than the €2.2bn the minister has predicted will be available to increase spending and tax cuts during this period.
The admission comes as Fianna Fáil leader Micheál Martin criticised the Government’s lack of a ‘Plan B’ for a Brexit.

Taoiseach Enda Kenny said he does not want to set out a strategy suggesting the Government believes Britain will vote to leave.
Latest polls put the result on a knife-edge.

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