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

We have enough of an evidence base to know that, in the absence of this decision, there would be a significant tax base risk. It would not be appropriate for me to give an indication now, but if the UK were to decide to move into a duty free environment, the consequences for us would be so significant that my intention would then be to reciprocate. As is the case with any measure, we would then review its impact and policy consequences. It is important that I be clear with the House, though. If we found ourselves in a situation where for some reason the UK decided to bring in such a regime, it would create a significant issue for me and the Exchequer. I would look, therefore, to respond through the measures outlined in this amendment but I emphasise that they are precautionary. The chancellor of the British Government has indicated that it is not planning to do this and we have every reason to expect that will be the case. We are just noting that it would require legislative change by the UK.

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