Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

We continue to hear ominous reports regarding the possibility of a no-deal Brexit, or something that incorporates elements of a no-deal Brexit. A week or two ago, Commissioner Oettinger told us that a no-deal Brexit would produce a general recession in this country that would be incredibly serious for indigenous industries like agrifood. The Governor of the Bank of England has said he expects something like a cliff-edge drop in growth - it could be 9% or 10% - which would bring us into major depression territory. I wonder what preparations, if any, have been made by the Department of Finance to have some sort of a cushion for such circumstances. I agree with my colleague that the characteristic shared by the budget proposals the Minister has received from the left every year is that they have all been well balanced. We have been prepared to come up with new taxes to balance our proposals. The key point is that the Department needs to be very ready.

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