New economic mission to close Wales’ productivity gap with UK and boost pay

• A new economic goal for Wales to halve the productivity gap with rest of UK.
• A new approach to make Wales the easiest place in the UK to start, grow and invest in a business.
• A new agency to drive economic development and boost pay.

With Welsh productivity 15% below the UK average, he also wants to make Wales the easiest place in the UK to start, grow and invest in a business.

Delivering his first Oral Statement to the Senedd today, the Cabinet Minister said the new Welsh Government is committed to adopting a different approach, with a goal of bringing to an end generations of low productivity.

The new approach will be delivered in partnership with businesses, trade unions, regional stakeholders and the UK Government, with a specific focus on supporting firms to scale so they can compete in high-value markets.

This will be supported by a reformed skills system that equips people not just for work, but for progression.

Adam Price, the Cabinet Minister for Enterprise, Connectivity and Energy, said:

Today we announce a National Productivity Goal to close the gap with the rest of the UK and help unlock the full potential of the Welsh economy.

For too long, Wales has struggled to close the gap with the rest of the UK when it comes to productivity. Announcing this target today shows our clear commitment to improving the lives of people living in Wales.

By focusing on productivity, we will deliver higher pay, stronger businesses and thriving communities.

This goal will give direction to our new Welsh innovation and development agency, shaping how we support businesses, develop skills and invest in the foundations of a stronger, more competitive Welsh economy.

We are determined to turn ambition into action, creating a stronger, more productive economy that delivers for people in every part of Wales.

Details of how the productivity goal will be measured and monitored will be announced later in the year.