Finance Minister Michael Noonan has played down the threat to Ireland's economy of the UK slashing its corporate tax rate.

The UK chancellor George Osborne says he wants to cut the rate from 20% to under 15%.

He says the move will prove Britain is 'open for business' despite the Brexit vote.

The measure could see increased competition with Ireland, where the corporate tax rate is 12.5%.

But the finance minister Michael Noonan says the risks to Ireland are being overstated: