110,000 fewer jobs after no-deal Brexit – Central Bank
The Central Bank has warned of major job losses across the economy in the event of a no-deal Brexit.
In its latest Quarterly Bulletin, the Central Bank forecasts 34,000 fewer jobs by the end of next year and 110,000 fewer jobs over the next ten years.
It said: “A disorderly Brexit would present enormous challenges for the Irish economy, especially in the near term, and would result in a loss of output and employment compared to a scenario where the UK remained in the EU.”
It also warns that a disorderly Brexit would dramatically reduce economic growth and make consumers and businesses spend less.
There could be disruption at ports and airports, while Irish exports would be hit by a weak UK economy and a potentially large fall in the value of sterling.
The bank says that gauging the impact this could have on the Irish economy is “the most uncertain exercise” it has ever had to carry out.
The UK is set to leave the European Union on 31 October.
The bank said: “There would be heightened stress in financial markets and a potentially large depreciation of sterling.
“The deterioration in economic conditions and a more adverse outlook would cause firms and households to cut spending.
“It is likely that there would be disruption at ports and airports as border infrastructure is unable to cope with the new customs requirements, at least for an initial period.
“Imports would be affected with implications for firms through disruption to their production processes, and for households through the price and availability of consumer goods.
“Exports would fall due to an immediate and large reduction in demand from the UK and the fall in sterling.”
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