Supporting the Welsh economy
The unprecedented downturn in the global economy has had a dramatic and undeniable impact on the economy of Wales and prompted unprecedented responses from the Government in Westminster, working in partnership with the Welsh Assembly Government in Cardiff Bay.
After witnessing the booming economic growth of recent years, Wales, like the rest of the UK and virtually the whole world, is faced with a more demanding economic climate.
These are unprecedented times and the challenges of the current economic conditions demand a coherent and comprehensive response to limit their impact on individuals, families and businesses in Wales, and to equip them better to respond when the upturn occurs.
The Government’s priority at the moment must be financial stability. Welsh Secretary Peter Hain sits on the National Economic Committee, chaired by the Prime Minister, ensuring all is being done to ensure stability is maintained during this unparalleled period of global turmoil. Wales Office Minister Wayne David represents Welsh economic interests on the UK Council of Regional Ministers.
This is also a time when it is critically important that the UK and the Welsh Assembly Governments both listen carefully to the experiences of businesses and other local groups to ensure a clear understanding of what is happening at the sharp end of the downturn. That is why the Secretary of State has been attending All-Wales Economic Summit meetings with Welsh First Minister Rhodri Morgan. Meetings have been held in October, November, December, February, April and May.
In January the Prime Minister visited South Wales with Paul Murphy, then Secretary of State, and First Minister, Rhodri Morgan to meet business leaders to discuss the impact of the downturn on the Welsh economy (pictured below).
Working in close partnership together, the UK Government and the Welsh Assembly Government can offer support to stimulate the economy, build on the nation’s strengths and help Welsh families and businesses through the tougher times ahead.
Mr Hain said: “We are listening to people, listening to businesses, responding to the concerns and worries and sometimes having to take tough decisions. We are all the time working on behalf of Welsh men and women to make their lives better when everybody is feeling the impact of the extraordinarily difficult times that we find ourselves in.”
Real help for businesses and households in Wales is available through a range of initiatives from the UK Government and the Welsh Assembly Government. Details of these initatives can be found in the Real Help for Wales booklet.
Real help for businesses
Real help for homeowners