Belfast Telegraph

UK Website Of The Year

Home Opinion Letters

A united Ireland is an economic non-starter

Tom Ekin (Write Back, April 5) asks the rather silly question: would the Republic be prepared to financially prop up Northern Ireland?

The answer is, of course, no: it is still paying off its bailout loans from the ECB, IMF and UK, for heaven's sake. It could not even prop up a Lurgan spade.

The EU bailout package alone was €85bn, the IMF loan €22.5bn and the loan from the UK €16.4bn.

Furthermore, the economic implications of a united Ireland seem to have been entirely misunderstood by local politicians, especially those in Sinn Fein.

For this event to actually occur, the UK Government, the EU and IMF would probably have to provide the necessary support subsidies on a vast scale, which would make the post-2008 bailout look tiny in comparison.

Since the UK, EU and IMF are already providing bailout loans to Ireland, it is highly unlikely they would agree.

And, now that the UK Government is in apocalyptic Brexit mode and still continuing its blinkered policy of economic austerity, it certainly would not provide funds for a united Ireland pay-off.

One other important point is the currency exchange rate between sterling and the euro. As the value of sterling has dropped significantly since the EU referendum result, how would people living here like to wake up one morning to see how much their bank balances, wages, savings and investments have been reduced by the continuing poor exchange-rate conversion to the euro?

A united Ireland is simply an economic no-brainer and, for that reason alone it will never happen.

Indeed, it would need the economic genius of a Hjalmar Schacht to bring it off.

CADOGAN WEST

Strangford, Co Down

Online Editors

Popular

From Belfast Telegraph