Brexit would hit Ireland harder than Britain
The Irish economy would suffer more than Britain’s as a result of a hard Brexit, a study has warned.
If trade tariffs were imposed after Britain cuts ties with the European Union, it would shave 3.8 per cent off Ireland’s GDP and increase unemployment by two per cent, according to a joint paper by the the Economic and Social Research Institute (ESRI) and the Department of Finance.
Public finances would also come under pressure, with the deficit rising and the country’s debt ratio 11 per cent higher than it would have been if Britain had voted to remain.
The ESRI said last month that if World Trade Organisation (WTO) tariffs are imposed in the absence of an alternative deal, Irish exporters would have to pay…