Irish Finance Minister Michael Noonan TD delivered his country's Budget 2014 on 15 October. He outlined tax rises and other savings totalling €3.1bn (£3;2.6bn) to meet Ireland's agreement with the International Monetary Fund. However, what was not on offer was an increase in Ireland's totemic 12.5% corporate tax rate.

Instead, Noonan unveiled Ireland's international tax strategy, declaring: 'The key word in relation to Ireland's international tax strategy is "openness"; Ireland's corporate tax system is open, transparent and all the rules are clearly set down in our national law. Our stable, low corporate tax rate is one of the cornerstones of our strategy for attracting foreign direct investment. It is a key factor in creating employment and generating economic activity.'