Plans for an ‘economic contract’ to change the way Welsh Government offers financial support to businesses have been announced today. However, Welsh Conservatives have described the £50m fund as an “admission of failure”.
Shadow Economy Secretary, Russell George, said the plans were ‘motherhood and apple pie’ – little to disagree with in principle, but no evidence that lessons had been learned.
Commenting on the announcement, he said:
“Today’s announcement is basically ‘motherhood and apple pie’ –warm words and a soft centre, but little to suggest that the Welsh Government has learned from the mistakes of the past.
“The latest strategy contains 17,000 words, but not a single target, and is the Welsh Government’s fourth major economic relaunch since devolution.
“It’s an admission of failure. Over that period, Welsh take-home pay has slipped to the foot of the UK league table, and the Welsh economy is enduring a productivity crisis of the likes we’ve never seen.
“This is a titanic failure of management and what Wales really needs is a change of government, and a raft of fresh ideas to shake off the economic malaise”.