The Northern Ireland Chamber of Commerce has said that the province’s Executive must better focus its attention on the long-term future of the economy.

Chief executive Ann McGregor said that 2015 has begun on an optimistic note, “thanks to the prospect of the devolution of Corporation Tax becoming a reality”.

However, she urged the Executive to avoid implementing budget cuts to skills and Higher Education — areas that help to support export development and reduce youth unemployment.

Ms McGregor said: “It is vitally important that money is allocated to the Department for Employment and Learning to support the development of science, technology, engineering and maths programmes and that the assured skills programme which engages the Further Education sector be retained to bridge the skills gaps in priority sectors such as IT, advanced engineering and financial services.

“It therefore does not make sense in this context that HE institutions are facing cuts of around 11% and that potentially 1,100 fewer undergraduate places will be available at the universities next year. We urge the Executive to reconsider this element of the budget, especially in light of the recent Corporation Tax announcement.

"It is important that consideration is given to raising more revenues and improving efficiency and outcomes in service delivery, rather than just relying on public expenditure cuts.”