80,000 jobs at risk in no-deal Brexit - study

80,000 people will lose their jobs if there is a no-deal Brexit.

That is the warning from the ESRI which has looked at the impact on Ireland of Britain leaving the EU.

It has found the economy will take a hit of 4.8% over ten years in a no deal scenario - or 2.6% if there is a deal.

Senior Research Officer with the ESRI Dr Adele Bergin says employment would be badly hit.

"Employment in the long run in a no-deal scenario would be between 3.2% and 3.4% lower in the long run compared to where it otherwise would have been," said Dr Bergin

"And around 1.8% lower in a deal scenario.

"So to put those figures into context, that means that in the long run the level of employment would be a loss of around 40,000 jobs in a deal scenario and double that, at 80,000, in a no-deal scenario."

The ESRI study breaks down the effects of Brexit based on who they leave the EU, whether it is Deal, No-Deal and Disorderly No-Deal.

Dr Bergin added that: "The impact of each Brexit scenario is considerable and will have negative effects throughout the economy on the household sector, the labour market, firms and the public finances.

"However, the negative impact on Irish output in the long run in the Deal scenario is approximately half that of the No-Deal scenario."

Join the conversation - comment here

House Rules for comments - FAQ - Important message for commenters


Most Read in Ireland