Oireachtas Joint and Select Committees
Tuesday, 5 February 2019
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
I welcome the Minister and his colleagues. I note the impact that a hard Brexit would have and I know that further financial work is being done by the Economic and Social Research Institute, ESRI and the Department. The Minister says that tax revenues would be lower and expenditure would rise and he says he is looking at the potential that the growth rates in 2019 could go to 2.7% from an estimated 4.2%, which is a reduction of 1.5% and a reduction of 0.85% from 3.6% in 2020. Can the Minister quantify the difference between what he believes the reduction in taxes and the increases in spending would be? What areas would that impact on? Can the Minister couple his answer on that with what would happen in the event of a hard Brexit? I read reports at the weekend that the European Commission might be looking at making supports available in the event of a hard Brexit so the Minister might comment on that area.