No-deal Brexit preparedness
Deputy Howlin asked whether the State was prepared for the economic shock of a no-deal Brexit and likely emergencies such as job losses. The Tánaiste said budget day would bring more detail, but confirmed the Government was planning for no-deal and setting money aside to protect jobs.
We recently saw the collapse of the Thomas Cook Group, which placed 22,000 jobs at risk and resulted in the repatriation of more than 150,000 holidaymakers, the biggest ever peacetime repatriation. The cost of that operation is estimated to be greater than the sum Thomas Cook Group sought to maintain those jobs and keep the company afloat. We are likely to see many similar cases, maybe some of a similar scale, in just four weeks' time if a no-deal Brexit becomes a reality. Clearly, the British Government was not prepared for that eventuality but are we prepared? Do we have a decision-making mechanism to immediately support companies that are under that pressure in four weeks' time? Do we have access to liquid cash that would be able to support such companies? The Taoiseach told me last week he would much prefer early intervention to sustain jobs than to seek to support unemployed people or to find replacement jobs. We do not know what the mechanism is yet. When will the Government spell that out for us?
Comment on this
The Deputy will get a lot of clarity on that on Tuesday because it is budget day. I do not want to talk about the budget too openly today for obvious reasons but we are preparing a budget for a no-deal Brexit. That means preparing a budget for virtually no growth next year and it also means ensuring we set a significant amount of money aside to deal with the kinds of issues the Deputy has raised. The Taoiseach is right that we should spend money in those difficult circumstances to protect jobs, rather than to accept their loss and support people through social welfare. That is why we will look to support State agencies that can protect jobs and businesses through the disruption of a no-deal Brexit as best we can.