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09 October 2018

Balanced budget for Year of Brexit

Spending plans totalling €66.5bn have been announced in the Irish Budget 2019 as Finance Minister Paschal Donohoe warned of challenges posed to the economy by Brexit.
 
Mr Donohoe said €110m had been set aside in the Budget to help government departments handle the “political, economic and diplomatic challenge of a generation”.
 
He added that the Irish economy is growing strongly and sustainably but the outcome of Brexit was unclear and "increasing trade barriers are raising the spectre of protectionism".
 
Padraig O’Riordan, Stockbroker at the Cork office of Redmayne Bentley, said: “The ECB and IMF have recently lowered their forecasts for economic growth due to global trade uncertainty.
 
“The threat of protectionist tariffs, emerging markets remaining volatile after the crisis in Turkey, plus the possibility of the UK and EU not agreeing a trade deal are all contributing to uncertainty.
 
“With economic growth in excess of 7% expected for 2018 and forecasts for 2019 expected to increase it is vital that the public finances are managed prudently to allow the economy to be resilient enough to withstand any of the potential external shocks that exist.”
 
 Ends
 
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Balanced budget for Year of Brexit
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