Investec Ireland said it will likely cut its GDP forecasts for 2016 and 2017 that are now in line with government predictions of 5 and 4 percent, calling the referendum result “unambiguously negative” for the Irish economy.
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“He must now be a powerful voice on our behalf”, he said.
A vote leave supporter holds a Union flag, following the result of the EU referendum, outside Downing Street in London June 24, 2016.
Of most concern to Dublin is the impact on Northern Ireland, which has the only land frontier between the United Kingdom and the rest of the EU.
He said the implications of the Brexit vote on the relationship between the Republic and Northern Ireland required “careful consideration” and would be a priority for the government in Dublin. The British Irish Chamber of Commerce said business needed a comprehensive and quickly concluded trade agreement between the European Union and the United Kingdom that recognised the unique relationship between Ireland and the UK.
Irish Prime Minister Enda Kenny, who has said his government had a full-scale contingency plan in place should its nearest neighbour and largest trade partner vote to leave, called an emergency cabinet meeting shortly after the result.
“The border with Newry will not change in the short term and we would hope that the Irish government will do all in their power to minimise disruption for manufacturers, transport, retail, tourist and employees who live and work in different jurisdictions”, he said.
Ms Villiers was responding to a request from deputy First Minister Martin McGuinness for a referendum on a united Ireland.
“We knew it would come but the test has not been met and therefore I do not believe it will happen”, she commented. “However, the British people have spoken and we fully respect their decision”, he said.
“In recent months the Irish Government has advocated for our belief that the European Union is better with Britain as a leading member and that Britain and Ireland have always worked together very well, as equal partners, within the EU”.
Concluding, the Taoiseach reiterated that while Ireland’s future lies within the European Union, Ireland’s strong and close relationship with the United Kingdom will remain.
In a statement, Dundalk Chamber of Commerce said it was “disappointed” by the the United Kingdom vote to leave the EU. This was a cross-community vote in favour of remaining in the EU.
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Mr Martin said: “I wish him well but I think it was a reckless and somewhat irresponsible political decision to take”.
