No-deal Brexit could raise costs for Irish households

It is believed a no-deal Brexit could cost the average Irish household between €900 and €1,400 a year.

No-deal Brexit could raise costs for Irish households

It is believed a no-deal Brexit could cost the average Irish household between €900 and €1,400 a year.

It comes as a key European Council summit, billed as "the moment of truth" in the negotiations, sees the leaders of the EU member states hear from Theresa May in an address tonight.

It is being reported that the idea of extending the two-year Brexit transition by one year is being considered to provide more time to develop a temporary customs arrangement between the EU and the UK.

The transition would be extended in return for agreeing to prevent a hard border on the island of Ireland. However, significant issues, particularly the border issue, need to be resolved before a Brexit deal can be agreed.

EU Council president Donald Tusk has warned that without new "concrete proposals" from the British to break the logjam over the so-called Irish border "backstop", further progress may be impossible, increasing the prospect of a no-deal Brexit.

Professor of Economics at DCU Edgar Morgenroth said a no-deal Brexit could mean potential tariffs on the likes of cereal and milk.

Prof. Morgenroth said: "If you look carefully at your cereal boxes, you will find that a lot of it comes from the UK. We estimate that there could be a price increase of as much as 21% there.

"Again milk could be one of the more affected items, 30%. It is very much dependent on where we source staples and our groceries."

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited