Ireland’s Unveils Pathetic Brexit Proof Budget

Ireland’s finance minister unveiled his “Brexit-proof” budget on Tuesday, but business groups and the opposition said it failed to protect the economy from the likely impact of its main trading partner, Britain, quitting the European Union.

The 2017 draft budget cuts taxes and increases spending by 1.3 billion euros, and includes measures to help exporters already suffering from a dive in the value of sterling that is squeezing their profit margins.

“The UK’s decision to exit the European Union represents a real risk to our economy,” Finance Minister Michael Noonan told parliament as he presented a budget aimed at shielding Ireland’s strong economic recovery.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.