Findings of Copenhagen Report ‘cause for significant concern’ – Quinlivan
Sinn Féin Spokesperson on Business, Enterprise and Innovation Maurice Quinlivan TD today said that the findings of the Copenhagen Economics Study on Impacts of Brexit on Trade and the Economy are cause for significant concern and that now is the time to start planning for a United Ireland economy that could mitigate some of the damage Brexit will inflict.
Speaking today, Deputy Quinlivan said;
“The central finding of this report is that Brexit will have negative impacts on the Irish economy in all scenarios, regardless of how similar the future trading relationship is to the current situation.
“Even under the best scenario of an EEA relationship, Irish GDP will fall by 2.8% by 2030 and if the worst case scenario comes to pass, a hard Brexit will reduce our GDP by 7%.
“In addition, the effect on imports and exports will be massive. If Britain reverts to World Trade Organisation rules, exports will decline by 7.7% and imports by 8.2%.
“This report outlines the massive threat that is posed to the south of Ireland, and the leaked British Brexit impact report highlights a potential 12% decrease in GDP for the north of Ireland.
“These threats should be seen as a combined threat to the island of Ireland and requires contingency planning on an All-Ireland basis.
“Businesses engaging in cross-border trade will be severely hit, and I believe that due to this, some people in the north, who were happy with the political and economic status quo, will now be now more tempted to listen to the economic and social benefits Irish Unity can bring.
“The advantages of a combined All-Ireland economy could mitigate some of the damage Brexit will inflict on this island.
“Yesterday, Matt Carthy MEP, Megan Fearon MLA, and I launched a document entitled “A United Ireland – Better for Jobs, Enterprise and Research” that aims to start a conversation on the benefits such a scenario would bring.
“Very little is known about the exact economic advantages and benefits, as no Irish government has bothered to commission a report into the matter. However, harmonising the tax, legal and regulatory regimes and eliminating the duplication of services on the island would undoubtedly bring huge savings. The 2015 Hübner report concluded that a United Ireland economy could deliver a boost of €35.6 billion in the first 8 years.
“I have asked the Minister for Business, Enterprise and Innovation will she consider commissioning an independent Irish government report into the benefits a United Ireland economy would deliver.
“Brexit will be a disaster for Ireland, and the approach of the Tory government indicates that the worst case scenario could be realised, so therefore we need to start to plan for a United Ireland economy, that in my opinion, Brexit has put firmly on the agenda.”