Oireachtas Joint and Select Committees

Tuesday, 5 February 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

 

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Yes. When I was publishing these forecasts last week I emphasised that they were all based on economic forecasts drawing on information from the UK. There are two specific issues that we cannot take account of, the first of which is the second round effects on consumer and investor confidence, to which Deputy McGrath alluded. As against that, one positive that we cannot take account of - there are a few positives in this situation - is the possible effect of any mitigants or offsetting measures that we would be able to agree with the European Commission in light of a disorderly event. When outlining the figures last week, I indicated that because some of them are based on information that is based on constantly evolving estimates, I will view them as the minimum effects on the economy. I want to be open about that. In particular, I have acknowledged in statements I have made elsewhere that the impact of a disorderly Brexit could be significantly different at sectoral and regional level from the average impact on the country. I am pleased to repeat that point today.

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