A SMARTER ECONOMY FOR WALES

Plaid Cymru Leader Adam Price has today (Sunday 25 April 2021) launched his party’s Business Manifesto, setting out ambitious plans to create “a smarter economy”.

Adam Price said that “Wales has one of the lowest levels of local business ownership of any advanced economy” and that a Plaid Cymru government “would ensure that a new emphasis is placed on supporting indigenous firms with potential for growth”.

One of the main pledges is emergency Covid-19 support for businesses in the form of zero interest loans that Mr Price said would help “accelerate the post-pandemic recovery”, as well as emergency reskill grants to address skill shortages in specific sectors.

Other elements of the Plaid Cymru Business Manifesto include:

• Providing immediate Restart Grants of up to £20,000 to businesses in the retail, hospitality, and leisure sectors (and others affected by lockdown restrictions).
• Developing Emergency Reskill Grants to address skill shortages that may emerge in specific sectors of the economy, for example in hospitality.
• A Local First policy built around local ownership of business.
• Introducing proposals during the coming Senedd term for a Site Valuation Tax covering commercial and industrial land – agricultural land will be exempted – aimed at scrapping non-domestic rates.
• Offering Business Protection Grants of up to 90% of fixed costs for businesses that will continue to be affected by the effects of the pandemic over the course of the next 18 months.
• A Make it Welsh policy to substantially increase the proportion of our economy which is domestically owned.
• Delivering a £6bn programme of investment to support business development and a Welsh Green Deal.
• Establishing Prosperity Wales, and arms-length all-Wales development agency to provide effective policy delivery for business.

Adam Price said:

“Wales has one of the lowest levels of local business ownership of any advanced economy. That must change.

“Our plans for a smarter economy will be based on expanding, supporting, and protecting domestic businesses. A Plaid government will ensure that a new emphasis is placed on supporting indigenous firms with potential for growth.

“We recognise that the past year has been a huge challenge for Welsh businesses. That’s why a Plaid government would bring in emergency Covid-19 support, offering zero interest loans for business to accelerate the post-pandemic recovery.

“My focus as First Minister would be on supporting as many people as possible back into work, be that through Plaid Cymru’s Youth Job Guarantee or by supporting businesses with additional financial support.

“We would extend business rate relief to the hospitality sector and other worst affected businesses, initially until the end of June and longer as necessary.

“In addition, we would develop an emergency support scheme to cover up to 90% of fixed costs for businesses that will continue to be affected by the pandemic over the course of the next 18 months.

“Other policies range from boosting procurement to driving up levels of innovation and entrepreneurship.

“Our £6 billion programme of investment – the Welsh Green Deal – would create up to 60,000 jobs ensuring that job-creation and growth benefit the economy and environment alike.

“This is an ambitious, fully-costed plan that proves that Plaid Cymru is the party of Welsh business.”

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AN AMBITIOUS APPROACH

An “ambitious approach” will be required for post-Covid recovery, Plaid Cymru has warned.

A report from the Bevan Foundation has exposed the effects the pandemic has had on Welsh households’ finances. The report suggests that almost a quarter of Welsh households have seen a fall in their income, whilst more than forty percent have seen an increase in heating and water bills.

Plaid Cymru’s Shadow Minister for the Economy, Helen Mary Jones MS said the Welsh Government must “urgently intervene” and said “bigger steps” would be needed to mitigate the long term financial impact of Covid.

Ms Jones drew attention to Plaid Cymru’s ambitious Covid recovery plan which includes the creation of nearly 60,000 new jobs, describing the need for big ideas to “eradicate the vast inequalities in Wales”.

Plaid Cymru Shadow Minister for the Economy, Helen Mary Jones MS said,

“This is a stark reminder that we cannot and will not just go back to how things were. The future for people in this country’s poorest communities has to change.

“Household finances across Wales have been hit hard by the pandemic, and the end of the furlough scheme will add to current pressures. With a drop of household incomes and a rise in the costs of living, the Welsh Government must urgently intervene in offering short and medium-term support for those struggling, taking bigger steps to mitigate the financial impact of Covid for the longer term.

“A government in Wales has to be ambitious in moving forward - in recovering from the pandemic and addressing the needs of the most in need. Plaid Cymru have ambitions to extend free school meals to all children and have a plan for an economic recovery from the pandemic which would create almost 60,000 new jobs.

“We have reached a point in which big ideas and rapid action is needed in order to eradicate the vast inequalities in Wales, many of which are apparent in the Bevan Foundation’s report.”

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