Ireland will ask the European Union (EU) for hundreds of millions of euros in support if the British leave the EU without clear agreements. Business Insider reported this on Thursday, January 3.
There is a great fear that the United Kingdom (UK) will leave with a 'no deal' in 3 months. Politically, the relationship between the republic and the British part of Ireland (Northern Ireland) is sensitive. And economically, Britain is one of Ireland's largest trading partners.
Agriculture Secretary Michael Creed has told the Irish Independent he fears huge losses in a chaotic Brexit. It's about mega amounts, Creed said. Half of Irish meat exports go to Great Britain (and Northern Ireland). The republic also exports a huge amount of dairy to the British, for example 80.000 tons of cheddar cheese per year. And Irish fishermen get about 33% of their catch from UK waters.
The Netherlands also wary of 'no deal'
The Dutch government also wants to be prepared for a chaotic departure from the UK. Stef Blok, Minister of Foreign Affairs, already asked the House of Representatives for additional powers last November to take measures. "While we are aiming for a negotiated Brexit, we have to consider the event that there is no agreement."
A 'no deal' also means that many international agreements in the field of air traffic, medicines and nuclear materials are no longer in force. This can create many practical problems in the transport of goods and money flows between the UK and the EU.
Temporary agreement
One way to avoid such a chaotic split is for the EU and the UK to unilaterally declare that they will maintain existing agreements, for example, for a period of 6 months. This would de facto mean a temporary postponement of Brexit.
Read more on Business Insider:
- UK government backs May's Brexit deal, but not wholeheartedly
- Why the border with Northern Ireland is such a problem
- Interest rates are rising rapidly worldwide, but these opportunities are there
© DCA Market Intelligence. This market information is subject to copyright. It is not permitted to reproduce, distribute, disseminate or make the content available to third parties for compensation, in any form, without the express written permission of DCA Market Intelligence.
