Welsh Government pledges certainty for businesses facing volatile recovery

Economy minister Vaughan Gething is due to set out Wales’s vision for creating jobs and tackling poverty.

Rod Minchin
Monday 18 October 2021 00:01
Minister for Health and Social Services Vaughan Gething (PA)
Minister for Health and Social Services Vaughan Gething (PA)

The Welsh Government will pursue a progressive economic policy that focusses on better jobs, narrowing the skills divide and tackling poverty, the economy minister will say.

Vaughan Gething will set out his vision for the Welsh economy and will commit to extending a ‘Team Wales’ model to offer certainty to businesses facing a volatile recovery.

He will promise a new era of partnership to strengthen regional economic development, a delivery plan to back the everyday economy and wide-ranging support for workers in a changing economy.

My ambition is to make Wales a place where more young people feel confident in planning their future here. You don’t have to get out to get on, make your future here in Wales

Vaughan Gething

Mr Gething will outline his plans during a hybrid economic summit at Transport for Wales’ new headquarters in Pontypridd.

He will say the Welsh Government will also work with trade unions and business to ensure investment is linked to fairness in work, decarbonisation and skills.

And he will promise to look at the long-term demographic challenge facing the Welsh economy.

The proportion of the population aged 16 to 64-years-old in Wales has been decreasing year-on-year since mid-2008 – and could be just 58% of the population by 2043.

The Welsh Government will also call on the Chancellor to demonstrate the UK Government’s ambition for Wales by honouring promises made on EU successor funds, backing major renewables such as tidal energy and investing in Welsh research and development.

Economy minister Vaughan Gething will set out the Welsh Government’s economic policy at a virtual summit (Ben Birchall/PA)

Speaking ahead of the summit, Mr Gething said: “The Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy.

“It has taken a Team Wales effort to keep Wales safe and we will deliver a Team Wales recovery, built by all of us.

“A strong Welsh recovery will be based on the principles of fair work and sustainability as we invest in the industries and services of the future.

“As we face the headwinds of Brexit I am determined that our credible plans will offer as much certainty as possible to help businesses plan ahead.

“A new era of partnership for stronger regions, a young person’s guarantee, a plan to back our everyday economy and collaboration with world-leading, advanced manufacturing. This is the cause for optimism for the future we are building in Wales.

“My ambition is to make Wales a place where more young people feel confident in planning their future here. You don’t have to get out to get on, make your future here in Wales.”