The Irish Small and Medium Enterprises Association (ISME), a lobby group for small and medium-sized businesses, has expressed concern over the Tánaiste, Ms Harney's indication that she is actively reviewing the Groceries Order, which outlaws selling groceries below their wholesale cost price.

ISME said that repealing the Groceries Order would decrease competition as major multiples use below-cost selling to restrict competition, while recouping their losses by increasing their margins elsewhere.

A statement from ISME said this would have "a devastating impact" on independent retailers and small food manufacturers, and would make the market in the Republic an easy target for cash-rich foreign multiples sourcing their products from outside Ireland.