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Ireland to lose 55000 jobs in case of a disorderly Brexit

02
Feb '19
Ireland to lose 55000 jobs in case of a disorderly Brexit
Ireland will lose more than 50,000 jobs amid rising food and clothing prices if the United Kingdom moves ahead on the path towards a disorderly Brexit. The country’s department of finance, which conducted an analysis of the situation post a no-deal Brexit, foresees a ‘particularly severe’ impact on the economy, followed by a deepening of the crisis in 2020.

The agriculture sector and small businesses that export to the United Kingdom will start retrenching during the second half of the year, according to Irish media reports.

"In 10 or 12 weeks' time, we could find ourselves needing to find a lot of money to save people's jobs because there are people working in the food industry, in agriculture, SMEs, and in small exporters, whose jobs may be under threat," Prime Minister Leo Varadkar said.

Capital projects such as the Metro could also be in danger while promises of income tax cuts will be reviewed ahead of the next budget.

In a statement, the Irish Government said the backstop "balances the UK position on customs and the single market with avoiding a hard Border. A change in the UK red lines could lead to a change in the Political Declaration on the framework for the future relationship, and a better overall outcome."

Irish finance minister Paschal Donohoe said food shortages will not be an issue as Ireland produces a lot of food items, but the economy would be 4.25 per cent smaller in 2023 than currently projected.

Current forecasts expect an unemployment rate of 5 per cent by 2023, but a no-deal Brexit would push that up by two percentage points. A projection that 2.49 million people would be in jobs in Ireland by 2023 falls to 2.44 million under the departmental analysis.

However, every Irish household would see their disposable income reduced as the price of food and clothing rises. (DS)

Fibre2Fashion News Desk – India


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