Essay Example on The public don't always take referenda very Seriously

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The public don't always take referenda very seriously or think about the consequences Enda Kenny to David Cameron Connelly 2017 13 On the 23rd June 2016 the United Kingdom UK voted to leave the European Union EU a decision many thought couldn't happen for sanity reasons and the level of unknowns it presented The decision by the British public has implications for all of Europe none more so than Ireland This essay will begin to unravel this decision in relation to the Irish economy Coming out of a decade long recession Ireland simply can t take the hit with the level of National debt possessed and when our recovery depended on both Ireland and the UK being in the EU single market according to Connelly 2017 Following almost a decade long recession the Irish economy has recovered well albeit not completely unscathed Ireland was recently announced as 8th best performing economy moving into 2018 World Economic Forum 2018 The report attributes success and growth in Ireland s strong performance in Growth and Development which includes overall GDP employment and healthy life expectancy Ireland also performs above average on Intergenerational Equity and Sustainability driven by relatively low carbon emissions strong human capital investment and low levels of environmental damage 



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This follows a decade long recession from the indulgence of the Celtic Tiger A favourable business climate now coupled with tax increases in the form of levies pension payment and a moratorium on employment in the recession means Ireland has drastically decreased its public debt level by 43 in five years this has also lent a hand to the recovery speed of Ireland World Economic Forum 2018 Despite a large reduction in disposal income from varying tax deductions in the recession the Irish Governments borrowings to continue public spending throughout the recession meant money was flowing through the economy even if at a much lower rate Nevertheless and despite growth prosperity and a steady economy Brexit is a massive threat to Ireland While the Irish economy is experiencing strong growth it is at a critical crossroad with the challenges of Brexit presenting far reaching implications for Ireland across a range of policy areas including trade investment the labour market and energy National Competitiveness Council 2017 The impact also extends into the imminent structural shift in the UK s trading relations with the EU even if the border issue is resolved between Ireland and the UK in negotiations through the Good Friday Agreement the border between the Republic and Northern Ireland will remain a border between the EU and Britain Connelly 2017 Chaos collapse recession and increased unemployment by 800 000 was predicted post Brexit but hasn t presented itself Yes Britain has slipped down the GDP ranking tables with the United Kingdom placing 21st among advanced countries in this year s IDI but still not to the extent that was predicted World Economic Forum 2018

According to The Economist 2018 this can be attributed to a number of factors the uncertainty that preceded the Brexit vote has fizzled out as the leave voters got what they wanted in leaving the EU so they believe there is no need to rein in spending while for remain voters the reality of Brexit is some way off The vote on Brexit also coincided with an upswing in the global economy that Britain has been swept up in However as Brexit nears closer the uncertainty may rare its head again In the words of political commentator Johnny Fallon The less Brexit harms Britain the better for Ireland The Economist 2017 24 While some in Europe would like to see Britain fail following Brexit for Ireland that would be too detrimental a sour grape to wish for Analysts believe the damage of Brexit to Irelands food and agribusinesses far outweigh any positive impacts on high tech FDI Following Brexit the FTSE 100 went into freefall immediately plummeting 8 per cent wiping 120 billion off the value of the 100 biggest UK companies as a result shares in Irish stock market were 9 percent lower highlighting the sensitivity of the Irish economy to Brexit

The relationship between the UK and Ireland in the EU goes beyond a single market relationship and into a membership decision making level On a number of issues the UK and Ireland have a consensus opinion which has formed a voting block Without the large influence of the UK in European Union votes Ireland may lose out This reared it head on 31st August 2016 when Ireland's relationship with the European Union was thrown into the spotlight with the announcement that Apple had benefited on a tax deal to the sum of 13 billion explores Connelly 2017 Ireland and the UK were extremely close on key issues involving the single market and taxation the exposure of the Apple deal left many in Brussels turning a headlight on Ireland Corporate taxation rate and level of multinational Headquarters This also left Britain rubbing its hand together with a clear example of the control that EU is trying to have over individual sovereign nation s governments control According to Cooney 2007 throughout history the two key features of Ireland's industrial development were the significance on Foreign Direct Investment FDI and secondly the high exports ratio among foreign owned companies in Ireland The European Union is shining a light on the foundation of the Irish economy and Ireland no longer has its British counterpart or its voting block


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