Gilmore: Corporation tax rate will not change

British and Irish business communities have today been reassured that Ireland’s 12.5% rate of corporation tax will not change.

Tánaiste Eamon Gilmore told a business breakfast in honour of British Foreign Secretary William Hague that trade between the UK and Ireland is worth €1bn a week.

He also stressed that commerce between both countries is thriving.

Mr Hague, who is accompanying the Queen on her first visit to Ireland, also addressed representatives at University College Dublin.

He said the UK and Ireland have a common interest in promoting trade with each other, with other EU member states, and with the rest of the world.

Mr Hague also reflected on the strong economic ties between Ireland and Britain across trade, tourism and investment and noted that Government organisations and departments, working alongside industry groups such as the British Irish Chamber of Commerce, launched the previous evening, provide an ideal platform to encourage and support potential growth.

The UK – Ireland’s biggest tourist market – is the third largest investor in Ireland and the country’s biggest market for food and drink, representing exports of €3.4bn last year.