Oireachtas Joint and Select Committees

Wednesday, 13 July 2022

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

Summer Economic Statement: Irish Fiscal Advisory Council

Mr. Sebastian Barnes:

The Chairman is correct. We should definitely learn from international expertise. We are drawing on that expertise in our work. The Office for Budget Responsibility, OBR, our counterpart in the UK, has done a very good report that we are following quite closely. Its climate change council has done some good work that allowed the OBR to do good work on the fiscal side, albeit not in agriculture. There are many other aspects where the UK is quite similar to Ireland, however, in terms of the challenges. We should definitely learn from each other because we need to learn as quickly as possible. Ultimately, the Government should prioritise the carrying out of a really thorough assessment of what it will mean specifically in the Irish context. Some of these issues such as the beef and dairy sectors might be specific to Ireland. There may be other examples.