Tax breaks and easier access to venture capital funds would help remove the financial obstacles to business growth in the North, according to a prominent group of chartered accountants.

A new report from the Ulster Society of Chartered Accountants calls for radical incentives to stimulate business in Northern Ireland, including the creation of new funds to meet current gaps in capital investment requirements.

Mr John Hansen, the group's chairman, said: "The challenge is no longer simply a shortage of money or good ideas; it is matching appropriate forms of finance with business needs at each stage on the growth curve."

The report describes small to medium-sized enterprises as the "the lifeblood of economic growth" in Northern Ireland.

The report makes 32 recommendations, including the creation of an Alba Fund, which could act as a catalyst for economic growth.