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

The Deputy's first question was on how the change in the UK's status will affect our economic projections.

The Deputy is correct. Two weeks have elapsed since the vote took place, but we have not seen a new Prime Minister elected in the United Kingdom, and it is only when a new Prime Minister is elected and his or her Government determines a negotiation strategy with the European Union that it will be clear what the relationship will be with the Single Market. The Bank of England and the Chancellor of the Exchequer, George Osborne, have made statements regarding what they will do to affect their domestic economy, but those statements were only made yesterday. The net outcome of all of that is the question the Deputy asked me regarding what the effects will be. To restate, we believe that it will not affect our plans for 2016 and 2017. Any effect on our medium-term prospects will be taken into account in the run-up to the budget in October, when we will give a further indication of where we stand, but the Minister for Finance, Deputy Noonan, has indicated that he believes the effect on national income growth would be 0.5%, with two different factors driving that.

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