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The Finance Minister has ruled out a supplementary budget in the event of a no-deal Brexit.<\/p>\nThe Finance Minister has ruled out a supplementary budget in the event of a no-deal Brexit.<\/p>\n
Paschal Donohoe has already indicated the 2020 budget, due on October 8, will reflect a hard Brexit scenario, but a new report from the Economic and Social Research Institute (ESRI) warned of the risk of recession posed by a no-deal exit and advised an additional budget may be needed to deal with the fallout.<\/p>\n
Mr Donohoe said his department has already made preparations for such eventualities.<\/p>\n
He added: \u201cThe report from ERSI published figures that are very similar to what I have published a number of times during the year and reflected in the Summer Economic Statement.<\/p>\n
\u201cIf we do face a disorderly Brexit, it will present a challenge to our economy, a challenge that I\u2019m confident that we will be able to respond back to in those type of circumstances.<\/p>\n
\u201cDeal or no deal, I will not be doing another budget. On October 8 I will outline the overall budgetary framework and any response I need to put in place will be inside that.<\/p>\n
\u201cThe Taoiseach and I are absolutely aligned on what our priorities are, and the Taoiseach ruled out the prospect of any supplementary budget.<\/p>\n
\u201cAny changes we are going to make, if we make changes, are going to be minimal and affordable, we can\u2019t put out changes on October 8 that we can\u2019t afford in March.\u201d<\/p>\n
As Westminster remains in disarray over Brexit, many have speculated the UK will be forced to delay leaving the EU.<\/p>\n
Mr Donohoe refused to be drawn on the issue, saying: \u201cI would be very wary about making predictions about what is going to happen across the coming weeks and months.<\/p>\n
\u201cThe Prime Minister is making it very clear that he is going to leave the EU in any circumstance that he can see on October 31.<\/p>\n
\u201cFrom our point of view, what that means is the potential for no-deal is either happening in the planning period for budget 2020, or across the period in which budget 2020 will be implemented.<\/p>\n
\u201cSo maybe we could be looking at a timing shift in the uncertainty taking place, but then that uncertainty moves into the period that Budget 2020 is planning for.\u201d<\/p>\n
Speaking in his north Dublin constituency at a North East Inner City Program event which seeks to rejuvenate the area, previously plagued with drug and gang violence, Mr Donohoe also sought to reassure the public as the potential of recession has been pushed to the forefront of political debate.<\/p>\n
He said: \u201cAbsolutely I understand the return of the recession word into commentary under way here, I understand the concern that can cause and I feel it first-hand, the concern people do have over what no-deal Brexit could create.<\/p>\n
\u201cWhat I would say to those citizens is, if you look at our economy now, we have 2.3 million people at work, in the absence of the private credit bubble that nearly destroyed our country a decade ago, we have national finances, that of course always have vulnerabilities in them, in a position of strength.<\/p>\n
\u201cIn Budget 2020 I will outline what I and this Government will do if we find ourselves having to deal with the vista of no-deal Brexit.<\/p>\n