What action has the Welsh Government taken as a result of the Economic Intelligence Wales report?
The latest Economic Intelligence Wales report is its Quarter 1 Report for 2021. The report notes that in the opening months of 2021, Brexit resulted in difficult trading conditions for some sectors and with much of the problems focused on non-tariff barriers.
It also recognises that the speed of economic recovery is expected to vary in different parts of the regional economy and that the balance in Welsh Government support between safeguarding and transforming regional SME activity is an increasingly important one.
Our vision for regional investment remains to support jobs and growth in communities right across Wales, in a way which is both inclusive and sustainable and with an emphasis on integrating investments and regional decision making. This is why we produced ‘A Framework for Regional Investment in Wales’ and why we will continue to press the UK Government that regional and pan-Wales delivery is accommodated within the longer-term investment framework for the Shared Prosperity Fund and that the Welsh Government is treated as a full and equal partner.
On 13 July the application period for our latest emergency package of business support opened - we’ve now provided in excess of £2.5bn funding to Welsh businesses. I have also indicated that we intend to deliver a Business Development and Recovery Fund, designed to support businesses with match funding to relaunch, develop and grow. As the report notes, business transformation will play a key part in the recovery.
The report also revealed that the activities of the Development Bank of Wales have been critical during the crisis, with the Development Bank having a central role to play in funding. Our new Programme for Government includes the commitment to expand the Development Bank of Wales’ patient capital funds.