October 8, 2019 / 12:52 PM / 9 days ago

Ireland sets aside 1.2 billion euro for no deal Brexit package

FILE PHOTO: Ireland's Minister for Finance Paschal Donohoe speaks during an interview with Reuters at the Ministry of Finance in Dublin, Ireland, February 5, 2018. REUTERS/Clodagh Kilcoyne

DUBLIN (Reuters) - Ireland’s finance minister said on Tuesday the government will run a budget deficit of 0.6% of gross domestic product next year if Britain crashes out of the European Union without a deal, to fund a 1.2 billion euro package for affected firms.

“In the event of a no-deal, we will intervene in a sustained and meaningful way to support jobs and the economy,” Paschal Donohoe told parliament when presenting his budget for 2020, which is based on the assumption of a no-deal Brexit.

“These interventions will support firms of all sizes at all levels of difficulty, with a particular focus on sectors most exposed, including food, manufacturing and internationally traded services.”

Reporting by Graham Fahy and Padraic Halpin; Editing by Catherine Evans

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