O'Keeffe: Fall in UK corporation tax won't affect Ireland

The Minister for Enterprise, Trade and Innovation Batt O'Keeffe has said he is confident Ireland will not suffer from a reduction in the UK's corporation tax.

The rate is to be cut by 1% next year from 28% - and by a further 1% each year afterwards until its falls to 24%.

However, Ireland's corporation tax is currently less than half that of the UK at 12.5%.

Mr O'Keeffe believes the rate will ensure Ireland continues to have a strong advantage when attracting inward investment.