Murphy calls for careful analysis of impact of Brexit

Fianna Fail Deputy for Roscommon/Galway Eugene Murphy has called for a calm and careful analysis of the impact of Brexit on the Irish economy. Deputy Murphy said that the overall economic fallout for Ireland of the UK decision to leave the European Union (EU) will take time to become clear and will require careful economic and political management.

Deputy Murphy said that the result of the UK referendum would have major consequences and was disappointing from an Irish perspective.
“Sterling has plummeted and this will cause an immediate problem for Irish firms exporting to the UK and in the wider conduct of cross border commerce. I am also deeply concerned about the impact on the agricultural export market which is a vital contributor in our economy and with the UK’s exit from the EU we have lost one of our closest allies as Britain is our biggest trading partner in Europe,” said Deputy Murphy.
The Fianna Fail Deputy said that much will now depend on the negotiations around the UK’s exit from the EU. “Until the shape of the UK exit and its post Brexit relationship with Ireland and the remainder of the EU becomes clear, there will be an inevitable period of uncertainty. There will also be a lot of uncertainty around the issue of travel as the UK and Ireland have enjoyed a common travel agreement since the 1920s which was strengthened by EU membership. Brexit may now see some sanctions re-imposed, especially since migration was the recurring issue for Leave voters. There may also be implications for British citizens living in Ireland as they may have to apply for dual citizenship or new passports,” said Deputy Murphy.