Wednesday, September 11, 2019

The Government has agreed that Budget 2020 will be prepared on the basis of a no-deal Brexit.

The tax and spending plans for next year are due to be announced on October 8, just weeks before Britain is due to leave the EU.

Finance Minister Paschal Donohoe said the decision to plan based on no-deal is to give certainty to people across the country and businesses in vulnerable sectors.

Mr Donohoe has confirmed any tax changes will be “minimal” and although there will be a social welfare package in the budget, it will be scaled back compared to previous years.

Up to €900m in capital spending will still go ahead and the Minister said this will help to protect the economy.

Mr Donohoe said he will do everything to keep the economy buoyant in a no-deal scenario.

He said: “The €900m of additional capital investment will be preferred for next year, because if we do get into dealing with a no-deal Brexit, I want to be going ahead with public projects, I want to be co-funding private projects that will be employing people that otherwise might be at risk and that will be bringing work into parts of our country that might be particularly affected by a no-deal Brexit.”

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