Minister for Finance Michael Noonan has dismissed concerns that the UK's plan to slash its corporation tax will negatively impact Ireland. 

The UK Chancellor of the Exchequer George Osborne confirmed his intentions to reduce Britain's corporation tax to less than 15% in an effort to give the nation's economy a post-Brexit boost.

The cut of over 5% will see the UK competing with Ireland's much-discussed 12.5% rate.

Playing down fears that Ireland will be hurt, Noonan said:

"It's not as dramatic an announcement as it might appear."

The Finance Minister also expressed his contentment with how the country has dealt with the post-Brexit vote environment.

He said:

"There's a distance to go yet but I think we should be reasonably happy that the initial shock hasn't hit very hard in Ireland.

"The budget for 2017 will be as we predicted and then it'll depend on the ultimate settlement as to what will happen in the medium term."

Speaking to Lunchtime's Jonathan Healy, University of Limerick economist Stephen Kinsella opined:

"I think Michael Noonan is right not to be concerned."

Kinsella argued that Osborne's move was primarily to appease companies already based in the UK and that the British people should be unhappy with how the country's economic planning has been conducted.

He said:

"The prolonged austerity that the British people have been suffering has effectively been for nothing."