Dáil Éireann Debate, Tuesday - 27 November 2018
206. Deputy Bernard J. Durkan asked the Minister for Public Expenditure and Reform the degree to which his Department continues to prepare for a worst case scenario arising from Brexit; and if he will make a statement on the matter. [49492/18]
Amharc ar fhreagraThe Government is under no illusions about the complexity of Brexit and is taking forward extensive and detailed Brexit preparedness and contingency planning across all Government Departments and Agencies. Contingency planning is well advanced, with all issues identified and an array of measures are under active consideration in a worst case scenario.
Within my own Department Brexit issues are coordinated by the Brexit/EU/North South Unit. The Unit supports me in my work on Brexit, leads work across the Department and its agencies, and represents the Department on the various groups that coordinate the Government's response to Brexit. This work includes the preparation of an Action Plan for responding to Brexit in all scenarios, in line with the approach being taken across Government.
Central to the Government’s preparation for Brexit is the prudent management of the public finances so as to ensure the economy remains competitive in the face of future economic headwinds. Measures being taken include balancing the books, reducing our debt burden, building up the Rainy Day Fund and continuing to invest in infrastructure.
Budget 2019 sets out a number of specific measures aimed at making Ireland Brexit ready, including the introduction of a longer-term loan scheme, the Future Growth Loan Scheme for terms of 8-10 years, to provide a longer-term scheme facility of up to €300 million to support strategic capital investment for a post-Brexit environment by business at competitive rates.
It also provides increased resources of €25 million across a range of Departments and Offices based on the Brexit central case scenario; a €71 million package for the Department of Agriculture, Food & the Marine and its agencies; an increase of €14 million to the allocation for the Department of Business, Enterprise & Innovation; and €5 million for the Department of Foreign Affairs & Trade to enable it to continue to address the challenges posed by Brexit across a range of headings.
Budget 2019 builds on Budget 2017 and Budget 2018 and will help to ensure that Ireland is in the best possible position to respond to the challenges - and indeed the opportunities - that Brexit will bring.
