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Government preparing two budgets amid Brexit uncertainty

Two budgets are being prepared in case of a worst case scenario Brexit.

The government will make a decision on which one to go with more than three weeks before the Brexit deadline.

Budget 2020 will be announced on October 8, well ahead of the October 31 target departure date for the UK.

Finance Minister Paschal Donohoe insists they will only do one budget, despite the uncertainty.

"Later on in the year, we have the potential for a significant deflationary effect tot occur were Brexit to happen," he said.

"So for that reason, there will be two different scenarios outlined in the summer economic statement and then the government later in the year will have to make a decision, and I will make a recommendation to that effect, regarding what is the best scenario against which we will form a budget."

Meanwhile, Minister Donohoe got the go-ahead this morning to begin the process of drafting heads of a Central Bank (Amendment) Bill 2019 to address the serious cultural failings in the banks.

The proposed legislation will seek to address proposals put forward by the Central Bank intended to drive greater accountability in the financial sector, raising the standards of expected behaviour for individuals and firms, in order to achieve better outcomes for consumers and improve the sustainability of the financial system.

Minister Donohoe said: ‘This is an opportunity to bring about real change in the financial services industry – changes that are not reactionary, but proactive and carefully considered’.

“The message is clear; leading change in cultural attitudes starts from the top down but we need to start talking to each other and learning from each other at all levels to achieve the goal of cultural change that we are striving for."