Bank chief warns of Brexit damage to us

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Gabriel Makhlouf

THE Central Bank’s new Governor, Gabriel Makhlouf, has warned that all the outcomes of the UK leaving the EU are damaging for the economy, especially a no-deal Brexit.

The comments, made to a group of students at the Dundalk Institute of Technology, come as the European Commission, UK parliament, Irish Government and lawmakers throughout the European Union begin to assess British Prime Minister Boris Johnson’s exit plan, submitted to Brussels last week.

“The fall in the value of sterling has been one of the main economic effects of Brexit act to date and I am sure this has already had an impact on many businesses,” Mr Makhlouf said.

“Any form of Brexit will be damaging for Ireland, with a ‘no-deal’ Brexit especially so.”

Sterling has plunged 16% to 89p against the euro since the UK decided in 2016 to quit.

“The real effects will only be known once the UK leaves the EU and, fundamentally, the manner in which they depart,” he said.

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