Executive 'must discuss economy'

Interest rates were cut and a bail-out of the banks announced

The Northern Ireland Executive must meet to discuss the latest moves to stabilise the economy, the Alliance Party has said.

Economy spokesperson Ian James Parsley said opportunities arising from the UK banking bail-out must be discussed.

"The part-nationalisation of London's banking sector means a fundamental shift of UK regional economic policy will surely follow," he said.

The executive has not met for months in a row over devolving policing.

Mr Parsley said the executive should be "at the centre of the debate about how the UK economy can be re-structured" so that other regions can play a fuller role in business policy.

"Northern Ireland is missing out on having a voice on the crucial issue of this decade," he said.

"If the executive cannot take part in such vital issues of the day, it should hand over to those willing to do the job."

In other economic moves the Bank of England also announced its biggest cut in interest rates for seven years - bringing the cost of borrowing down by half a point to 4.5%.

The cut was welcomed by Northern Ireland Retail Trade Association Chief Executive Glyn Roberts, but he added that more should be done.

"I would hope that a further 0.5% increase will be given urgent consideration by the monetary policy committee next month," he said.

"The banks must now follow through with a reduction in charges for small businesses."