Minister for Enterprise, Trade and Employment Micheál Martin will help Northern Ireland with any measures to benefit its economy following the British government's rejection of calls to bring the North's corporation tax rate into line with that of the Republic.

A spokeswoman for the Minister said: "We will work with the Northern Ireland administration to enhance economic development through Inter-Trade Ireland, Enterprise Ireland, Science Foundation Ireland, IDA and other initiatives where there is mutual economic benefit."

Last March, then British chancellor Gordon Brown asked Sir David Varney to conduct a review of how tax policy might support economic growth in Northern Ireland. In his report to the Treasury on Monday, Sir David said that "implementing a different corporation tax rate for Northern Ireland, as compared to the rest of the UK, does not offer the best way forward for building a strong investment strategy for Northern Ireland".

The Institute of Chartered Accountants in Ireland has called on the Northern Ireland Affairs Select Committee at Westminster to review the methods the Varney team used to reach its conclusions.