For too long far too many small and medium sized businesses in our country have been denied access to credit by banks and this has prevented the growth of our private sector. Our over centralised dividend driven pretty much rootless London based banking model that has been followed in the UK is incapable, indifferent or simply unwilling to deliver or support economic development in our country. In Germany, the Sparkasse and Landesbanken operate on a geographical basis, and have developed special expertise in the local industries so that they are better equipped to make investment decisions and should offer a real alternative. We need to develop Industrial Innovation Clusters in key areas of our economy and to expand the role of the Development Bank of Wales and support the creation of a Community Bank to help domestically owned businesses grow their market share and to put down deep roots in our communities. The Welsh economy needs to be locally owned and to pay higher wages. Jobs and investment need to be shared across the whole country. Our economy needs be more balanced and much more diverse and our public finances need to be stronger. If we can accomplish this then the talent we have in Wales will be developed and retained.
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