£50m Brexit fund for Wales announced
A £50m fund to help prepare Wales for Brexit has been announced by the Welsh Government today.
But the money is described as “a small step in the right direction” by the Welsh Conservatives, who accuse Cardiff Bay of dragging its feet on preparations for the UK leaving the EU.
Announcing the EU Transition Fund, First Minister Carwyn Jones said it will help Welsh businesses and public services plan and prepare for Brexit.
The fund – supported by an initial £50m – will be developed in partnership with Welsh businesses, public services and other key organisations to provide tailored support as the UK prepares to leave the EU. It will be used for a combination of financial support and loan funding, and will help provide technical, commercial, export-related and specific advice for businesses.
The Welsh Government said it will also be designed to help employers retain and continue to attract EU nationals who make a crucial contribution to Wales.
It said: “The fund will underline Wales’ welcome to people from other countries who have made Wales their home.”
The EU Transition Fund will also provide dedicated support for Wales’ agricultural industry as it prepares for the transition and the future once the UK has left the EU.
First Minister Carwyn Jones said: “Brexit poses different challenges and opportunities for each and every aspect of Welsh life – from our local businesses and major employers, to our farmers, hospitals and universities.
“The EU Transition Fund will help meet the challenges that lie ahead.”
The fund will provide support in devolved areas and will start with an initial £10m downpayment in the 2018-19 final budget.
The Welsh Conservatives’ Brexit spokesman Mark Isherwood said: “In the Autumn Budget the Chancellor announced an extra £3bn to help prepare the UK for Brexit, and once again, Carwyn Jones and his Welsh Labour Government is playing catch-up.
“This is a small step in the right direction but sadly for Wales, since the referendum, the First Minister and his government has been in a state of paralysis, which has ensured that our country has been a step behind.”