THE BANK of England’s policy of purchasing assets from the private sector is helping to boost the local economy in Northern Ireland according to a key policymaker.

David Miles, a member of the bank’s Monetary Policy Committee, said quantitative easing, which is often described as “printing money”, was helping to support spending.

Addressing the 14th Northern Ireland Economic Conference in Belfast yesterday Mr Miles said: “I believe the evidence is that quantitative easing is having an impact and that it is relevant to economic conditions right across the country.

“And not just in financial markets in London but in high streets and factories and homes throughout the UK.”

He said the Bank of England’s policy to buy assets – mainly gilts – had been pursued on a very large scale. “The bank has purchased about £160 billion (€174 billion) of assets and is currently on a trajectory to have purchased about £175 billion by the end of October,” Mr Miles added.

The Belfast conference provided the first public opportunity for the North’s Economy Minister to reflect on a highly critical review which condemned economic policy in Northern Ireland and key government departments.

Arlene Foster said the Independent Review of Economic Policy, published on Tuesday, contained a series of recommendations relating to her department and Invest Northern Ireland.

The Minister told the Belfast audience, which included the chairman of the review, Prof Richard Barnett it would “contribute greatly to the debate on how we can achieve the economic goals outlined in the Programme for Government.

“I recognise that there is more work to be done as we seek to build a stronger economy for Northern Ireland,” the Minister said.