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Brexit 'won't change the Republic's budget plans'

By Staff Reporter

There will be no immediate tax hikes or spending cuts in the Republic and budget plans will not change in the wake of the Brexit vote, Ireland's Finance Minister Michael Noonan said yesterday.

"The referendum was in the United Kingdom," Mr Noonan added. "The main effects are in the UK - it voted to leave."

He also claimed that the Republic's fiscal space and budget leeway for the next year would remain unchanged.

Any adverse consequences would be in the medium-term and could be contained if the UK secured a deal allowing it continued access to the single market and retained the UK-Ireland common travel area, he insisted.

More than £40bn was added to the value of Britain's biggest companies after the financial markets staged a fightback following punishing falls immediately after the result.

The FTSE 100 index rose 2.6%, or 158.19 points, to 6140.39 after seeing nearly £100bn wiped off the value of Britain's blue chip companies during the previous two sessions.

Sterling also rose by more than 0.7%, to just over 1.33 US dollars, after it had dropped to a 31-year low.

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