Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

There seems to be a sense that growth in the economy is slowing. The Department of Finance downgraded the growth forecast for next year, Brexit-related or not. We are hearing concerns from several different sectors, the retail sector in particular. Evidence has shown that the traffic flows north of the Border have increased, for example. Obviously, there is serious concern in the food sector and in the agriculture area generally. These are serious concerns.

The report from the ESRI and the Department of Finance concludes that the potential long-term impact of Brexit on Ireland is severe with up to 4% of less output than we otherwise would have. That has knock-on consequences for Exchequer receipts, employment and investment in the economy. We need to have a credible and coherent plan to deal with the fallout from Brexit. We still do not know what the post-Brexit trade relationship will look like. Clearly, the consequences are serious. I certainly get the sense that we are beginning to detect the signs of those consequences.

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