Since devolution began in 1999, Wales’ economic development landscape has changed significantly. There have been a number of strategies and targets, organisations such as the WDA, IBW and FS4B have disappeared and key issues such as sectors have emerged. More recently, the decision by voters to begin the UK’s process of leaving the European Union marks the start of a process of redefinition in economic terms. This process should prompt all of those involved in economic development to critically analyse what’s worked (or not) in the past and whether we need to act differently in the future.
It is in this context that the Cabinet Secretary for Economy, Infrastructure and Skills is developing a much anticipated new approach to economic development in Wales. For our part, FSB Wales has produced a number of reports on key issues such as self-employment, rural economies and what small firms need from Brexit, which we hope will help to create a broad evidence-base for discussion.
This paper is a further contribution to this evidence-base, focusing on medium-sized firms in Wales and how we can help foster their number. In presenting this paper we hope to add value to the debate around economic development in Wales and to provide focus to the choices Welsh Government has before it.