Central Bank warn of potential massive job loss in the event of no-deal Brexit 1 year ago

Central Bank warn of potential massive job loss in the event of no-deal Brexit

The Central Bank have said that 110,000 jobs could be lost over the next 10 years.

The Central Bank of Ireland has warned of major job losses across the economy in the event of a no-deal Brexit.

In its third Quarterly Bulletin of 2019, the Central Bank provided forecasts for the Irish economy and its views on domestic economic policy issues.

In the bulletin, they believe that if no deal is reached by聽October 2019, their estimates suggest that economic growth would be reduced to 0.7 per cent next year, with around 34,000 fewer jobs by the end of 2020 compared to the current central forecast.

From a more long-term perspective, it anticipated that there would be 110,000 fewer jobs over the next ten years in the event of a no-deal Brexit.

Director of Economics and Statistics, Mark Cassidy, said: "In the event that a no-deal Brexit were to occur there would be a significant weakening of activity across many parts of the economy.

"Our current projection is that in the event of a no-deal Brexit, the economy would expand by 0.7 per cent in 2020, as opposed to 4.1 per cent if a deal can be agreed.聽 And our forecast is for around 34,000 fewer jobs by end 2020 and over 100,000 fewer jobs over the medium term compared to our forecast if a deal on Brexit can be reached."

As it stands, the UK is expected to leave the EU on 31 October, there is a genuine risk of the economy overheating and returning to boom-bust type conditions.

You can read more about from the Central Bank's Quarterly Bulletin here.