First Minister unveils his new strategy for economy

IT HAS been a busy start to the new term, as First Minister Carwyn Jones outlined his government’s priorities for the next four years, up to the 2021 Assembly election, writes public affairs consultancy Deryn.

A new national strategy, Prosperity for All, outlines what the Welsh Government believes will make the greatest contribution to long-term wellbeing in the areas of early childhood, social care, mental health, skills and employability. The strategy commits to a new economic contract between business and government, while introducing a new regionally focused economic development model.

Economy Secretary Ken Skates also announced that a new simpler approach to business support and an emphasis on driving innovation would be at the heart of the new economic strategy.

In a speech to members of Cardiff ’s business community, he focused on the major challenges facing Wales over the next decade – Brexit, automation, productivity, inequality, an ageing population and climate change. His department will take a new regional approach which will be mirrored across other portfolios. A new Economic Action Plan is to be published this autumn.

The devolution of taxes has taken another step forward as Finance Secretary Mark Drakeford announced the appointment of the first chief executive and five non-executive board members of the Welsh Revenue Authority (WRA), which was established to collect and mange devolved taxes from April next year and will become a legal entity next month.

Following talks with the Tesco Taskforce, the Welsh Government has announced that a package of measures has been agreed to support 1,100 staff affected by the closure of the Tesco Customer Engagement Centre in Llanishen, Cardiff.

This week the Welsh Government also announced that components for the new zero-emissions-capable London cab are to be made in Wales by Sapa Components UK, following a £9.6m investment supported by the Welsh Government. Admiral is to create nearly 200 jobs following a successful grant application to the Business Finance Scheme.

Mr Skates also welcomed Chetwood Financial to Wales after the company launched a new range of online loan products from their new home in Wrexham. The startup, which is creating 90 jobs in north-east Wales, has been supported by £750,000 from the Welsh Government.