Kenny refuses to increase corporation tax rate

TAOISEACH Enda Kenny has refused to increase the country’s corporation tax in exchange for a 1% cut in the interest rate on Ireland’s €67bn EU-IMF loan.

At his first summit with EU leaders, Mr Kenny held up negotiations as he and French President Nicolas Sarkozy argued forcefully and loudly with each other.

EU leaders abandoned the attempt to reach agreement, putting it off for further negotiations over the next two weeks.