Tridge summary
In the event of a no-deal Brexit, Ireland faces significant economic and business challenges. The agri-food sector, which exports over €13 billion to the UK annually, could be hit hard with potential tariffs, including up to 52% on cheddar cheese and 74% on beef. Imported goods from the UK could also see price increases due to tariffs, affecting breakfast cereal, chocolate, and processed foods. The flow of goods into and out of Ireland is expected to face customs delays, impacting perishable goods and high value pharmaceuticals. The Irish Fiscal Advisory Council forecasts a possible 6% decrease in Irish GDP over the long-term, which could result in the loss of up to 55,000 jobs according to the government's contingency plan, or 100,000 fewer jobs over the medium term, as per the Central Bank.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The talks on Brexit may still be ongoing, just about. But so, too, is the worrying here in Ireland about the potential consequences of no agreement being struck. That's for at least five very good reasons, as the fallout could be extremely serious for Irish business and the economy. Exports If there's no deal, among the biggest impacts will be on the more than €13 billion of Irish exports to the UK each year. Up to €1.7 billion in import taxes or tariffs could be levied on those goods on arrival on British soil. The agri-food sector would be hit particularly hard as 38% of that category of exports from Ireland end up in the UK. Half of the cheddar cheese produced in Ireland, for example, goes to the UK and it would attract tariffs of up to 52%. While Irish beef going to the UK market would be hit with tariffs of on average 74%. That will mean that the total weekly bill for Irish beef going into the UK after a no-trade deal Brexit would be €8.5 million more than it is now, making ...
Source: Rte
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