August 7, 2019 / 7:42 AM / 4 months ago

Ireland to 'radically reset' budget expectations in no deal Brexit - minister

FILE PHOTO: Ireland's Minister for Finance and Public Expenditure Paschal Donohoe arrives at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne/File Photo

DUBLIN (Reuters) - Ireland would have to “radically reset” expectations for what the government can do in its budgets for the coming years if Britain crashes out of the European Union without a deal, Finance Minister Paschal Donohoe said on Wednesday.

Ireland presented two budget strategies for 2020 last month: a preferred option that would see its budget surplus grow if its neighbour leaves the EU in an orderly way, and a no-deal scenario aimed at supporting affected firms that would push the state’s finances into deficit to absorb the shock.

“If that risk does develop and we believe it is likely, we will have to radically reset expectations regarding what this and future budgets will be able to do,” Donohoe told Ireland’s Newstalk radio station.

Reporting by Padraic Halpin; Editing by Catherine Evans

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