Kenny forced to take rate cut off table

THE Government has been forced into an embarrassing climbdown and taken the issue of looking for a cut in the loan interest rate off the table ahead of today’s EU summit.

Despite promises made during the election and afterwards, Taoiseach Enda Kenny will now be hoping that nobody else raises the issue either and demand an increase in corporation tax in return.

Ireland’s woes could be well down the agenda as Portugal takes centre stage after prime minister José Sócrates tendered his resignation having lost a parliament vote on fresh austerity measures. This is expected to trigger a bailout.