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Dublin: 17 °C Monday 13 July, 2020

Finance Minister will 'form a judgement' as to what will be the most likely Brexit scenario ahead of Budget

Budget 2020 will be held on 8 October.

FINANCE MINISTER PASCHAL Donohoe will have to make an “informed judgement” or guess as to whether there will be an orderly or crash-out Brexit when he presents his budget on Tuesday 8 October. 

The minister confirmed the date of Budget 2020 to reporters today, outlining that next week he will present the Summer Economic Statement. 

The statement, presented every June, sets out economic predictions for the country in the run up to the Budget in October. 

Two different scenarios will be set out in the statement – one for Ireland if there is a no-deal Brexit, and one in which a deal is agreed.

“There will be two different scenarios set out in the Summer Economic Statement and government will have to make a decision later in the year and I will make a recommendation as to what is the best scenario,” he said.

Due to Budget day happening just a couple of weeks ahead of the scheduled date for Brexit (31 October) the finance minister will have to predict what Westminster will do.

“We will have to form a judgement as to what to be the most likely scenario,” he told reporters today.

Despite the “challenging policy scenario” in not knowing what the UK will do, the is not making plans to have an emergency or supplementary budget after Brexit.

“I am not planning to bring out another budget,” he said.

“I will be ensuring we produce a budget which is in line with our commitments that we have with the European Union and the timings in line with every other budget that I have done. What I will be doing in the Summer Economic Statement which I will be doing next week, will be outlining different economic scenarios against which Budget 2020 will be formed,” added the minister.

“So we will be looking at the kind of economic scenario the country could face if we were to be in a deal scenario or a continuation of the status quo. What I will also be outlining is if a disorderly Brexit to occur, what then would the backdrop be for us in the preparation of a budget,” said Donohoe.

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