Central Bank report warns of serious consequences of no-deal Brexit

The Central Bank says there could be temporary food shortages in Ireland if there’s a no-deal Brexit.


It’s also warning of a “sudden and sharp” shock to the economy if Britain crashes out of the EU.


The latest report shows the economy is due to grow by 4 per cent next year – that’s more than previously thought.


But it would be just 0.7 per cent if Britain leaves the EU without a deal.


That scenario would also mean 35 thousand less jobs being created here in 2020.


The report has identified that some sectors like tourism and agriculture would suffer most and regions such as the north west and border region would be hit hardest.


The report is urging the government may need to look at measures aimed at protecting those parts of the economy from the effects of no deal.

A no deal Brexit isn’t the only risk though.

The Central Bank thinks there’s an increasing possibility of the economy overheating if it keeps growing the way it is.