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Home Business and Economics Economics

Irish economy booms as British economy heads for bust

“Brexiteers said their closest EU neighbour would be “doomed” – now it’s set to be the top-performing economy in Europe this year.”

Jack Peat by Jack Peat
2023-04-17 07:10
in Economics
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The Irish economy is on track to be the best performing in Europe this year in stark contrast to its British counterpart.

Estimates suggest Ireland’s economy will grow by 4.9 per cent this year, buoyed by its competitive position at the westernmost corner of the European Union.

The UK economy, meanwhile, has flatlined and is projected to be firmly at the bottom in the G7 group of advanced economies this year – including sanctions-hit Russia.

Ireland's economy is predicted to grow by 4.9% this year. The UK's economy is predicted to shrink by 0.2%.

Interesting what can be achieved even when being a member of the EU. Nothing to see here. Never mind.

Let's 'get Brexit done' and 'make Brexit work'.

— Frank – Queen of Schengen 🇪🇺🏳‍🌈 (@ChillaxBcn) April 15, 2023

Commenting on the projected economic performance, Layla Moran, Lib Dem MP and member of the UK Trade and Business Commission said:

“This isn’t rocket science. The UK is the only developed economy with the added pressures of Brexit where businesses face extra costs, mountains of new red tape and amplified labour shortages.

“Our economy will continue to underperform until this incompetent Conservative government owns up to and fixes the issues caused by their botched Brexit deal.”

Others have pinned the UK economic woes squarely on Brexit too:

Danny Blanchflower – The fat lady has sung… brexit is an unmitigated disaster… as you can't eat sovereignty… it's as simple as that. pic.twitter.com/1kF5VBIJER

— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) April 14, 2023

Writing in the New Statesman, Nick Ferris said it constituted a very genuine and substantial Brexit benefit – but for Ireland, not the UK.

“Brexiteers said their closest EU neighbour would be “doomed” – now it’s set to be the top-performing economy in Europe this year.”

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Read his analysis in full below:

A very genuine & substantial Brexit benefit – but for Ireland, not UK.

“Brexiteers said their closest EU neighbour would be “doomed” – now it’s set to be the top-performing economy in Europe this year.” https://t.co/8HDGtbVVHt

— Mike Galsworthy (@mikegalsworthy) April 15, 2023

Related: Boris Johnson faces humiliation – as polls predict he’ll lose his seat at next election

Tags: Brexitheadline

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