Oireachtas Joint and Select Committees

Wednesday, 23 October 2019

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Update on Brexit Engagement: Minister for Business, Enterprise and Innovation

Photo of Lisa ChambersLisa Chambers (Mayo, Fianna Fail) | Oireachtas source

We have until the end of 2020 under the current transition period. The UK Government said that it does not want to go beyond 2020. If it wants to take the one or two-year extension provided, it has to make that application by June of next year. That may not happen. At the end of 2020, we could have a hard exit by Great Britain, which will impacts on east-west trade. There is no guarantee that it will ask for an extension to the transition period. We cannot say that. The belief of the Government that this will simply happen, given what we have had for the past three years, is a risky policy. This would not be a prudent approach by the Government. What analysis has the Minister's Department done in the event that the transition ends at the end of 2020? There will not be an FTA in 14 months. What impact will that have on the economy if Great Britain makes a hard exit in 14 months?

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