What might Brexit mean for your pocket and your job prospects?
Smart Money: a special report on what Brexit will mean for Irish households
You can bring in goods worth €430 from outside the EU but once imports go above this value, customs and VAT become payable. File photograph: Dara Mac Dónaill
How do you calculate the likely impact of Brexit for you, your job, your pocket and your prospects? Doing this with any accuracy is still very difficult, because no one yet knows how Brexit will work out. But there is enough research now done to outline the likely scenarios and what they will mean for us all as consumers and employees.
Brexit is, on balance, a negative for the Irish economy. There will be pluses – for example new jobs in banking – but they won’t offset the negatives. But the degree of the hit to Ireland – and thus to our pockets and prospects – is crucially dependent on what kind of Brexit emerges. The rule of thumb is that the harder the Brexit, the worse the hit, with a “no-deal” Brexit ,under which the UK crashes out next March without a withdrawal agreement, the worst possible outcome.