INDUSTRY MINISTER Arlene Foster is to put the report of the Independent Review of Economic Policy out for six weeks’ consultation.

She told The Irish Timesyesterday she intends to bring a paper before the Executive following the consultation which will outline the needed "step change" in economic management.

The DUP Minister said some of Prof Richard Barnett’s proposals were in tune with her party’s call for a leaner and more fit-for-purpose Assembly and Executive.

“This report is a major contribution to the debate on how we can achieve the economic goals outlined in the Programme for Government. I and my Executive colleagues are committed, using all the tools available to us, to raise living standards across Northern Ireland,” she said.

Stephen Kingon, chairman of Invest NI, said: “Whilst the review makes some recommendations regarding relationships between Invest NI and some other departments, developing an over-arching approach to future economic development was outside the scope of the panel’s work. The report recognises that productivity transformation takes a long time and requires the creation of a competitive and attractive business environment.”

The Northern Ireland Business Alliance, a group which encompasses the main business bodies in Northern Ireland, including CBI (Confederation of British Industry) Northern Ireland, Centre for Competitiveness, Institute of Directors, and Northern Ireland Chamber of Commerce and Industry, said there were many ideas which they supported, and others worthy of further consideration. The Northern Ireland Independent Retail Trade Association welcomed the call for a single department for the economy.

Peter Bunting, of the Irish Congress of Trade Unions, said: “The report’s findings question the value for money achieved of spending £1 billion [€1.09 billion] of public money attracting the least sustainable employers and the most tenuous and insecure jobs. We have been competing with Bangalore – and losing.”

Sinn Féin’s Jennifer McCann said: “This report provides further evidence of the need to bring about a new approach to developing our economy. It gives us a clear picture of how Deti (Department of Enterprise, Trade and Investment) and Invest NI are failing.”

Alliance’s Seán Neeson said: “This report raises major concerns about the viability of Invest NI, particularly in relation to the development of indigenous small businesses in Northern Ireland.”