The Government has little room for significant tax cuts despite the European Commission projecting the economy here will grow at a healthy rate through 2018, according to analysts.

Irish firms require improved training to boost productivity in key industries, according to the latest scorecard from the National Competitiveness Council.

Two separate deals yesterday sparked foods shares into life, as Glanbia eyed a big cheese expansion in the US, while Tesco unexpectedly unveiled a €4.3bn purchase of restaurants supplier Booker.

Shares in CPL Resources closed over 1.5% higher as the recruitment firm said sales and profits continued to grow despite uncertainties caused by the UK’s Brexit vote.

The Central Bank has cut its growth forecast for this year even as the Irish economy has shown “resilience” to the first shockwaves from the UK’s Brexit vote and the drop in the value of sterling against the euro.

Pierre Moscovici, head of tax at the European Commission, was in Dublin yesterday and said he was open to compromises that would help encourage Ireland to buy into Brussels’ new tax proposal that aims to share out Europe’s corporate tax spoils.

The slump in the vale of sterling following the Brexit vote will likely hit the number of visitors from Britain, new research conducted in Britain revealed.