Brexit: both sides toss out financial predictions

This coming Thursday is D-Day for the Brexit campaign, with the British public voting on whether or not to leave the European Union.

Recent polls show momentum has swung to the Leave campaign, which would mean a British exit. However, bookmakers reckon it will stay whatever the polls say.

One thing is for certain, though: if Britain does vote to leave the EU, the economic impacts will be far-reaching.

Supporters of Brexit are adamant that wages will rise and unemployment will fall if Britain leaves the EU.

They say the UK government will have more money if it does not have to pay millions a week to the bloc.

The pro-Brexit side estimates the UK’s annual net contribution to the EU budget at £10 billion (€12.6 billion).

The Remain camp warns of three million job losses if Brexit occurs, saying businesses would move from the UK to neighbouring EU countries for the free trade benefits.

Business lobby group Ibec has said a UK exit would send Ireland, Britain and Europe into uncharted and treacherous waters. Deep political, cultural, geographic and commercial ties mean Ireland has a lot to lose if the UK votes to leave, said Ibec chief executive Danny McCoy.

“Not only will the UK economy suffer” he said. “Ireland will also be very badly affected. The UK’s EU membership is of key strategic importance to Ireland and Irish business.”

A recent survey by the Institute of Directors in Ireland found that nine in 10 directors and business leaders are concerned about a potential UK exit from the European Union. The vast majority believe it would have a negative impact on Ireland’s economy.

In addition, 79 per cent of business leaders surveyed believe that Irish businesses are unprepared to deal with the potential consequences of a UK exit