Oireachtas Joint and Select Committees

Wednesday, 3 July 2019

Committee on Budgetary Oversight

Summer Economic Statement: Minister for Finance

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

Regarding the question on Brexit, given the impact of €28.5 billion over five years obviously there will be a need to borrow if there is a disorderly Brexit. We would support that to make up the deficit. However, the Minister's Plan B is just to use the unallocated resources of €700 million to stabilise the economy. We will need more support than that. There is no fiscal plan on what to do in the context of a €28.5 billion hit to our economy. It is a massive deficiency in the summer economic statement. While I would not expect a line-by-line item, there is no fiscal plan to deal with this. A counter-cyclical approach means that one stimulates in a downturn. The Minister is suggesting there is nothing to stimulate here.

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