Michael McGrath (Cork South Central, Fianna Fail)
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I thank the Minister and welcome him and his officials. What is the Minister and his Department's assessment of the impact on Ireland's economy of the decision this day last week by the UK to start the process of leaving the EU? Yesterday, the Central Bank said it would revise its forecasts for the growth of the Irish economy. We have immediate uncertainty regarding our economic prospects and I am very anxious to know the Department's reaction. In the Minister's opening remarks, which were somewhat different to what he said last week, he said the 2017 fiscal space is not expected to change very much, given that the factors used to calculate it are largely fixed. Is it expected not to change at all and remain at €1 billion in regard to the 2017 budget or, as I suggest, does the Summer Economic Statement need to be updated and revised to take account of what happened last week? Over July and August, the Department should take the time to consider the impact, revise the statement, publish it in September and make budgetary decisions based on it.