Irish economy must prepare for “a very different world once the UK departs” - Minister for Finance at Chartered Accountants House

Nov 23, 2018

Earlier today, over 150 members attended a lunchtime briefing from Minister for Finance Paschal Donohoe TD. Referring to the final negotiations expected to take place over the weekend between Prime Minister May and EU negotiators in advance of Sunday’s summit, the Minister said:

“The (draft withdrawal) agreement satisfies our national priorities set out at the outset of the Brexit negotiations, namely to protect the Good Friday Agreement, maintain the common travel area and related benefits, reaffirm our place at the heart of the EU, and protect trade, jobs and the economy.

“Of course, we cannot become complacent, as work is underway to ratify the final text by both the UK and the EU.  Irrespective of the future relationship between the UK and the EU, we will face a very different world once the UK does depart.  The UK will inevitably become a ‘third country’.  The status quo will change.”

The Minister discussed a broad range of other issues including the improving economic outlook for Ireland, the Finance Bill which has this week passed through the Dail and now moves to the Seanad, international tax policy, and anti-tax avoidance measures, for which he asked for the input and support of the accountancy profession. 

The Minister also noted the importance of the accountancy profession in providing certainty in decision making through the provision of reliable financial information and trusted advice. He said:

“Accounting is the language of business. It is the communication of economic realities and the base upon which all sustainable and innovative economies are built.  The accounting, auditing and other services you provide allow Governments, investors, shareholders, employees and citizens to see the economic reality.”

Today’s audience included delegates at the Institute’s inaugural CPD Blitz Day focused specifically on members in the Public Sector.  An impressive line-up of speakers included Robert Watt, Secretary General Department of Public Expenditure and Reform, Aileen Hughes, CIPFA chairperson and Internal controls analyst, ESB. Topics covered included ICT, data analytics, GDPR and Brexit and its  impact on the public sector.

Photos of today’s event are available to view HERE.