Minister for Enterprise, Jobs and Innovation Richard Bruton has said a strict new economic plan to replace the troika bailout programme will “give people confidence” rather than create fear about continuing austerity.

Mr Bruton yesterday gave his backing to Minister for Finance Michael Noonan’s plan, which will run from next year until 2020. He said it would ensure the Government would not “squander” the work that had been done under the EU-IMF-ECB programme.

“It means for ordinary people that the mistakes that were made in the past will never be made again . . . and that the suffering that people have gone through to correct this economy . . . we will not squander that hard work that’s been done.

“We will create a planning environment in which people can have confidence. They will see that the road that we’re on is the right road.”

Mr Bruton said the economy was on a difficult transition from one that was founded on construction and debt to one that would be built on firm foundations of enterprise, innovation and exports. “That’s the journey we’re travelling and Michael is going to sketch that out on a five-year perspective to give people that confidence,” he said. Mr Noonan will bring a proposal to Cabinet shortly to develop the plan.

Mr Bruton rejected the accusation that the public had expected the end of the bailout term would signal an easing of austerity by saying no “crock of gold” was available to the Government.

“We are creating a competitive economy that’s winning export markets, winning new investment. That’s the only road for a small, open economy,” he said.

“There isn’t a crock of gold that you can dip into and create an alternative to building sound enterprises that are oriented to export markets and who sell innovative products.”

Mr Bruton was speaking in Dublin at the announcement by the company Mafic of 70 manufacturing and engineering jobs for Kells in Co Meath.