There has been a welcome for the publication of a report on how Northern Ireland can maximise economic gain from the Coalition Government's policies.

The PricewaterhouseCoopers (PwC) report entitled 'Making the Most of Devolution' was published this week and has been well received by the Ulster Unionist Party.

In a statement Ulster Unionist Finance Spokesperson David McNarry MLA (pictured) said: "I welcome the PwC report. It should focus politicians' minds as we await the publication of the Coalition's paper on rebalancing Northern Ireland's economy.

"The fact that Northern Ireland is over reliant on the public sector for economic activity and jobs is a well known fact, accepted by all our political parties.

"However, with the inevitable reductions in public spending needed to reduce the deficit, it is a fact that requires immediate action," he said.

"With discussion of proposals to devolve the power to reduce corporation tax and to make Northern Ireland an enterprise zone, the Coalition appears willing to give the Assembly the tools to significantly grow our private sector - this is an opportunity we cannot afford to miss," he continued.

"Whilst the report produces food for thought on constitutional issues, PwC are right – doing nothing is not an option.

"We need a tangible change of approach from the Executive - we need to get Northern Ireland plc moving to a more innovative beat, maximising on the opportunities that our infrastructure and education system offer.

"The commitment of the Coalition and the levers that are potentially on offer amounts to a real opportunity that all political parties here must grasp," he concluded.

(BMcC/KMcA)