IRELAND’S economy would face a massive battering in the event of a No Deal Brexit, the country’s bank chief warned today. The head of I
IRELAND’S economy would face a massive battering in the event of a No Deal Brexit, the country’s bank chief warned today.
The head of Ireland’s central bank said farmers could be wiped out in a devastating blow to rural areas.
The forecast could encourage Irish politicians to be more accommodating to Theresa May’s requests for a fix to the current Brexit deal.
Philip Lane, governor of the Central Bank of Ireland, said in a speech today: “A sudden, No Deal scenario would have immediate disruptive effects that would permeate almost all areas of economic activity.
“The agri-food sector would be disproportionately affected, with a corresponding outsized impact on rural regions, especially near the border.”
He suggested that No Deal would cut Ireland’s economic growth by four percentage points.
That would end the country’s economic boom and push it close to a recession.
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And he added that any economic weakness in the UK would have a spillover effect on Ireland because so many companies are dependent on trade with Britain.
Dr Lane’s warning was echoed by former Irish PM Bertie Ahern.
He told a Commons committee that Ireland would lose up to 40,000 jobs if there were a No Deal Brexit.
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