Oireachtas Joint and Select Committees

Wednesday, 6 December 2017

Committee on Budgetary Oversight

Fiscal Assessment Report: Irish Fiscal Advisory Council

2:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Our guests from IFAC are not the only witnesses who have suggested that the Department of Finance has underestimated the impact of a hard Brexit. Other witnesses talked about labour intensity in terms of trade and the shock impact. There has been an engagement on this matter. Now IFAC is again stating clearly that the Department is of the view that Britain is an average trading partner which, clearly, it is not. It is not that it may be or it could be - it is not. Is IFAC concerned that over the period of a year and a half during which the ESRI has been engaging with the Department of Finance, we still have a situation where certain inputs that give us this type of calculation have not been addressed?

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