We welcome the acknowledgement that sustainably growing our economy and our businesses is one part of responding to many other challenges facing Wales such as driving up fair work and prosperity and responding to the challenge of climate change. Only by fostering productive, profitable and responsible businesses is this possible.
We welcome too, the vision of Wales being the best place in the UK to start, invest in and grow businesses. From planning to education and skills, this will require challenge and new thinking across Welsh Government departments and beyond and it is important that all government functions which touch on or facilitate business growth are aligned and positive to this vision. That mission of growing entrepreneurship and nurturing those businesses also requires certainty and stability for business support in Wales. While the Cabinet Secretary is right to say that growing businesses is not just about direct support from public funds, we have important support architecture in Wales, which helps grow skills, capability and innovation to help businesses respond to future challenges and we will expect early clarity and ambition for the future of the Business Wales service in this year’s Welsh Government’s budget.
Similarly, we welcome the Cabinet Secretary’s specific assertion that Floating Offshore Wind will be a whole-of-government mission. We entirely agree that whether for decarbonising our economy or growing sustainable businesses and skills and attracting relevant investment, this is an opportunity we cannot afford to miss. There is a very important role for the Cabinet Secretary to lead the partners aligned to this goal and link alongside UK Government in that effort.
However, in looking at Wales’s economic future, we cannot ignore the challenge and uncertainty many Welsh businesses face right now. Welsh Government’s decision to reduce business rate support this year continues to be felt by many in hospitality, retail and leisure. Vision for our economic future must not overlook the need and opportunities to support the ambitions of businesses at the heart of every community.
Economic growth and recovery from recent difficult years is not guaranteed. Only by harnessing the talent and determination of Welsh business owners and entrepreneurs will we realise what the Cabinet Secretary has set out in his Statement and that requires understanding the challenges they face as well as their ambitions. Beyond this positive vision is the need for detail as to the ‘how’ and it is that which we will look to in our coming conversations with the Cabinet Secretary in informing and supporting his work.”