Commenting on the Economic and Social Research Institute’s new Brexit findings, Patricia Callan of the Drinks Industry Group of Ireland (DIGI) and Director at Alcohol Beverage Federation Ireland (ABFI), said Ireland needs to advance its ‘economic response to Brexit’ and requires a ‘Brexit Budget’.
She asserted, “The ESRI’s findings today paint a bleak picture of Ireland post a hard Brexit. €200 million could be lost from the economy each year, and nearly 50,000 jobs may be lost over a decade.
“This is yet another reminder that action is needed now. We must get into decision making mode on policy that addresses the reality of Brexit. While our diplomatic response is advanced, it is now time for action on our economic response. Specifically, we need our Government to produce a Brexit Budget and pull together a coordinated Brexit strategy that protects jobs, encourages economic activity and mitigates the risk of a hard Brexit that could hinder free trade.
“Budget 2018 must have clear policies which respond to the effects of Brexit and use taxation policy measures to stimulate economic activity, ensuring Ireland remains competitive and creates and maintains jobs."
She then added, “Among the most at-risk jobs in the country are those in the hospitality sector. Ireland depends disproportionately on British tourism, yet already the number of UK visitors was down 8% in the first four months of 2017. Sterling, too, has dropped 15% against the euro since the referendum. Ireland is becoming a more expensive destination for our biggest market, which risks us becoming less attractive. These trends are likely to continue.
“Confronted by the ESRI’s jarring projections, both the Government and industry must act now and in unison to ensure Ireland stays competitive as a tourist destination.”