Plaid Cymru will give Wales economy a “fresh start”
Plaid Cymru’s Economy Spokesperson Luke Fletcher MS will today address the party’s Annual Conference in Cardiff, outlining his party’s plan to grow Wales’ economy.
Mr Fletcher said a Plaid Cymru government would prioritise growing and greening the economy by establishing a new National Development Agency and a reformed Development Bank.
The Plaid Cymru spokesperson said the Welsh economy had gone “backwards” under Labour – who have governed Wales for 25 years – with GDP, GVA, and income all at a standstill.
He said Labour had “no plan” for the Welsh economy.
He said a Plaid Cymru government would get to work “from day one” on fixing the foundations of the economy and would set up a “one-stop-shop” to support small and medium-sized businesses, ensuring they thrive.
Plaid Cymru economy spokesperson Luke Fletcher is expected to say,
“Under successive Labour governments, economic development in Wales has gone backwards. GDP, Gross Value Added, levels of innovation, incomes: all at a standstill.
“And what do these economic measurements really mean? Nearly a third of our children living in poverty.
“And rather than using an increasing range of economic levers to revisit and redouble efforts to meet those targets, Labour have instead just dropped them completely. Just like on Tata, Labour has no plan for the Welsh economy.
“A Plaid Cymru Government will get to work, from day one, on fixing those vital foundations of our economy.
“And in simple terms, we do not currently own enough in Wales – enough of our own resources, institutions or businesses – to begin to turn the economic tide.
“Everything in our new economic plan is geared to addressing this central problem in the Welsh political economy. The range of overlapping measures in the plan are all about re-localising our economy, building and innovating.
“Innovation will be further supported by a new dedicated innovation agency for Wales.
“And efforts to both grow and green the economy will be given renewed impetus by a new National Development Agency and a reformed Development Bank.
“We will rationalise and improve Wales’ current business support offer by creating a real ‘one-stop-shop' for those looking to take their business to the next stage.
“The emphasis will be on ensuring that successful businesses stay here in Wales, instead of being sold off and liquidated in England.
“Combined with other measures to support the small and medium-sized businesses that are the backbone of the Welsh economy – including reform of business rates – our aim will be to finally overcome the challenge of filling in Wales’ ‘Missing Middle’ – to create a strata of successful and sustainable medium-sized businesses, rooted in their communities and driving innovation and investment.
“The Welsh economy can and should serve the people of Wales – not the other way around. That central principle is, and always will be, at the heart of mine and of Plaid Cymru’s approach to economic development.
“And in 2026, we will have an historic opportunity to put that principle at the heart of Government in Wales.