There is a recognised need for more comprehensive and holistic tools to better assess well-being as an aid to policy and budgetary decisions. We are committed to developing such new measures of well-being and progress as envisaged in the Programme for Government.
Much work has been done in this area which we can learn and build upon. The Department of Finance has conducted research exploring the best approach for the development of a new measure of well-being, drawing on the OECD framework and international approaches, and the Department of Public Expenditure and Reform has done significant work on progressing Performance and Equality Budgeting over recent years.
Developing a comprehensive set of well-being measurement tools, building on this work already underway, will be taken forward as part of the work on developing a National Economic Plan, and will be one of the workstreams flowing from the Plan over the coming months. I anticipate that a Group of experts, as set out in the Programme for Government, will be convened to help guide this work following publication of the Plan.