The Dáil will sit from noon today to discuss the UK’s decision to leave the EU, and its implications for Ireland.

It comes as Fine Gael MEP Brian Hayes warned that any attempt by the EU to raise Ireland’s corporate tax rate would result in our leaving the union too.

Hayes said corporate tax was a red line issue for the Irish Government.

The 12.5% rate undercuts other EU countries in seeking foreign direct investment, and Britain had been an ally in fighting tax harmonisation across Europe.

Meanwhile, Mark Fielding from ISME said the Government must do all it can to protect Irish business interests in the wake of Brexit.

“A calming down effect needs to be put in place. We cannot just return to business as usual,” he said.

He said a dedicated unit was required to coordinate the Government’s response and initiatives as a resul of Brexit.