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First Minister Carwyn Jones has announced a business confidence plan and a new fund to support jobs and growth as part of the Welsh Government’s response to the EU referendum result.

First published:
25 July 2016
Last updated:

This was published under the 2016 to 2021 administration of the Welsh Government

Speaking at an extraordinary meeting of the Council for Economic Renewal in Cardiff today (25 July) Mr Jones said the Welsh Government wanted to assure businesses and inward investors that Wales remains open for business.

“The EU referendum result has created uncertainty and instability which can damage business confidence and have a longer-term impact on jobs and investment,” he said.

“Our immediate priority is to work closely with businesses and inward investors to give them assurance in these uncertain times. Today I am announcing a business confidence plan and a new Growth and Prosperity Fund, which we are allocating £5m to immediately as urgent measures to ensure our economy continues to grow and Wales continues to be an attractive destination for investment.

“These actions will support Welsh businesses looking to grow and increase the number and scale of Welsh-based companies that are exporting. We will also be engaging with businesses about how we can support them and promoting Wales with potential inward investors.”

The Cabinet Secretary for Economy and Infrastructure, Ken Skates, added: 

"Wales is – and will remain –open for business. As a pro-business Government, we will continue to work with the business community to create growth and prosperity.

“As well as delivering a business confidence plan and Growth and Prosperity Fund, we are in discussion with Finance Wales about the support they can offer to the private sector at this uncertain time. We will also be bringing forward a pro-active plan for our export support that will enable businesses to capitalise on global opportunities for their products and services.

“In regard to skills development, we are planning to launch the All-Age Apprenticeship Programme, which will contribute to supplying the future skill needs of companies. Our National Transport Finance plan sets an ambitious five-year programme of interventions to modernise our transport networks connecting communities and business to jobs, facilities and services.”

The Council for Economic Renewal is made up of a range of business, social enterprise and trade union representatives. It is chaired by the First Minister.

Details on how to apply to the Growth and Prosperity fund will be available shortly.