Government going further and faster to bring growth to Wales * Published date: 31st January 2025, 3:47pm * Source: UK News and communications
The UK Government has today announced a new package of measures to support economic growth in Wales. The package includes £1 billion of new investment, as well as a range of policy changes designed to make it easier for businesses to start up, grow and create jobs.
The announcement comes as the UK Government publishes its latest Economic Outlook for Wales, which forecasts that the Welsh economy will grow by 1.8% in 2025, and by 2.1% in 2026. This growth is expected to be driven by strong consumer spending and investment.
The new package of measures is designed to build on this positive outlook and to help Wales reach its full economic potential. The £1 billion of new investment will be used to fund a range of projects, including:
- £500 million for a new infrastructure fund to invest in roads, railways and other essential infrastructure.
- £250 million for a new business growth fund to provide loans and equity finance to small and medium-sized businesses.
- £150 million for a new skills fund to support training and retraining for workers.
- £100 million for a new innovation fund to support research and development in Wales.
In addition to the new investment, the UK Government is also introducing a range of policy changes to make it easier for businesses to start up, grow and create jobs. These changes include:
- Reducing the corporation tax rate in Wales from 19% to 17%.
- Introducing a new tax credit for businesses that invest in research and development.
- Simplifying the planning process for new businesses.
- Making it easier for businesses to hire and retain skilled workers.
The UK Government believes that these measures will help to create a more prosperous and dynamic Welsh economy. The Secretary of State for Wales, Alun Cairns, said:
“I am delighted to announce this new package of measures to support economic growth in Wales. This £1 billion of new investment, combined with our policy changes, will help to create a more prosperous and dynamic Welsh economy.”
The Welsh Government has welcomed the UK Government’s announcement. The First Minister of Wales, Mark Drakeford, said:
“I welcome the UK Government’s announcement of new investment and policy changes to support economic growth in Wales. This is a positive step forward, and I look forward to working with the UK Government to ensure that this investment is used to its full potential.”
The business community in Wales has also welcomed the announcement. The Director of the Confederation of British Industry (CBI) in Wales, Ian Price, said:
“The CBI welcomes the UK Government’s announcement of new investment and policy changes to support economic growth in Wales. This is a positive step forward, and we believe that these measures will help to create a more prosperous and dynamic Welsh economy.”
Government going further and faster to bring growth to Wales
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