Brendan Howlin (Wexford, Labour) | Oireachtas source

In February, the Minister for Finance warned that Brexit could cost at least 40,000 jobs. This week, the Department of Finance and the ESRI have warned that a disorderly Brexit could cost this country 80,000 jobs. Some of these job losses would be due to lower economic growth and lower job creation. There is also an obvious real risk to tens of thousands of current jobs. What is worse, these jobs are concentrated in certain economic sectors and certain regions, as the Taoiseach has acknowledged. Food exporters, many of whom only export to Britain, are particularly vulnerable to tariffs that may arise.

The UK has signalled that tariffs will be in place for dairy and beef products, but other sectors are also at risk. Many manufacturers rely on materials and components sourced in Britain. This is a reality of the global supply chain. Those who look to Britain for imports will be under pressure. Any tariff or restrictions on imports from Britain will impact on the capacity of all manufacturers to export to other countries, which will impact on their bottom line. It will affect their competitiveness, including their ability to produce goods quickly enough in the just-in-time global economy. Another risk to Ireland is the potential for collapse in the euro-sterling exchange rate. Wild fluctuations could have devastating effects on many businesses.

The Labour Party's core concern is the impact of Brexit on jobs and livelihoods. The Taoiseach has made a bold claim that the Government will protect incomes and jobs and will support businesses "whatever happens in the next few weeks". My understanding is that the EU has agreed to approve state aid to the value of €200 million. Is that the case? With 80,000 jobs at risk, surely that cannot be true. A total of €200 million in soft loans is not enough, and it is not the correct type of support for the potential impact on jobs that would flow from a hard Brexit. Labour has joined the Irish Congress of Trade Unions, ICTU, in calling on the Government to make sure that at least €500 million is available to the new Brexit preparation fund. We can subsidise the most vulnerable firms in the event of a hard Brexit. It is likely that more than that amount will be required if the impact, as set out by the ESRI, actually comes to pass.

Will the Government commit to ensuring that there is no legal impediment to the putting in place immediately if a hard Brexit happens in the next couple of weeks of the supports necessary to maintain jobs in our economy? Will the Government confirm that it will provide direct subsidies to crisis hit firms to maintain jobs in the worst-case scenario?

See this speech in context