David Cullinane (Waterford, Sinn Fein) | Oireachtas source

My final question about Brexit might be more difficult to answer. Nonetheless, it is pertinent and the question everybody will be asking. Mr. Cody is in a good position to answer it. He has said that as this is in the political sphere, we do not know what will happen. There is a draft agreement. Obviously, the majority want it to be implemented.

In the event that it is not implemented and there is a hard crash, what will be the immediate revenue consequences in this state? We are hearing that World Trade Organization rules will apply automatically in the event that no political or legal arrangements are put in place between Britain and the European Union. Let us suppose there is no deal and World Trade Organization rules apply. No one wants to be in that situation, but let us suppose we are in that situation. Are there automatic responses that will have to come into play or would something else evolve over time? Will there be immediate obligations on this state and Revenue in the event that there is no deal and World Trade Organization rules apply?