Kilkenny TD John McGuinness in Brexit warning amid predictions of food price hikes
OUTSPOKEN Kilkenny TD John McGuinness said it is important Ireland is prepared for “all outcomes” as fears grow of a ‘hard’ or no-deal Brexit.
Deputy McGuinness, who is Chair of the Oireachtas Finance Committee, was speaking this week as the Central Bank warned that a hard Brexit would cause a “severe shock” to to the economy.
It said growth here could fall to just 1.5pc this year, the slowest pace since 2012.
However, it stressed this was a “scenario” rather than a forecast, and that its main assumption was still for a negotiated Brexit and growth of 4.4pc this year and 3.3pc in 2020.
The Central Bank warned a no-deal Brexit would result in Kilkenny and Irish consumers paying more for goods at our local supermarkets, especially food which would be hit with high tariff rates if Britain was outside the EU.
Companies would also see the price of goods purchased from the UK rise.