Opening Bell: UK to slash corporation tax, house prices rise outside of Dublin, blocking Brexit

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British Chancellor of the Exchequer, George Osborne is planning to cut corporation tax to less than 15% in an attempt to offset the shock to investors of the UK's decision to leave the European Union.

He said Britain must show the world it is "still open for business" as he outlined plans to build a "super-competitive economy" with low business taxes and a global focus.

Cutting more than 5% off the current rate would see Britain close in on the Republic of Ireland's 12.5% levy and make the country one of the most competitive global economies.

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House prices outside the capital are rising rapidly as a result of Central Bank lending rules requiring bigger mortgage deposits.

According to the latest Daft report, prices in commuter counties and beyond have risen by over 10% in the year to June 2016, while they've remained relatively stable in Dublin.

The national average asking price for a house is €215,000, while in Dublin it's over €314,000.

Daft economist Ronan Lyons says people are looking for cheaper places to buy:

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A law firm has launched a legal challenge to ensure the process for Britain leaving the European Union does not begin without a parliamentary debate and a vote.

Lawyers at Mishcon de Reya claim the Government cannot trigger Article 50 without an act of Parliament.

The firm said in a statement that a "group of clients" is behind the legal action, but did not name them.

It claimed it has been in talks with Government lawyers since 27 June, four days after the Leave campaign triumphed in the EU referendum.

In order for the UK to leave the EU, the Government must invoke Article 50, after which time Britain has two years to negotiate the terms of exiting the bloc - the result of the Brexit vote is non-binding, and could technically be blocked by a Tory revolt when the parliamentary vote takes place.

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Volkswagen has warned that compensation packages for European motorists who bought cars fitted with devices to cheap emission tests will not receive payouts on the scale of the €15bn package that the company has agreed to in the United States.

Cheif Executive, Matthias Muller told German newspaper, Die Welt that doing so would bankrupt the company.

He added that the cost was particularly high in the US because it has stricter regulations which make refittings and repairs "more complicated."