Vaughan Gething: Thank you for the extensive series of questions. If I can start off by saying that I think today is a really big and important day: to have an established financial institution confirming in public that it is looking to develop the proposal in partnership and will be the established institution to take matters forward is a really positive step forward. And as I said in my opening, no...
Vaughan Gething: Thank you, Dirprwy Lywydd. The UK has one of the least diverse retail banking systems in Europe. It is dominated by a small number of very large banks. These banks operate according to a traditional shareholder value business model that seeks to maximise profits for their owners. Retail high street banks, as we know, are retreating from many of our high streets at an ever-increasing and...
Vaughan Gething: Thank you. Taking the point that Alun Davies has made on behalf of the legislation and justice committee, that was a concern that the Government had as well, but we do believe that, with the amendments that have now been inserted, it does limit the ability of UK Ministers to use Henry VIII powers to amend the competence and legislative measures of this particular Parliament. It was part of...
Vaughan Gething: Thank you, Deputy Presiding Officer. I am happy to move the legislative consent motion before the Senedd today. I had previously advised the Senedd not to give its consent to the motion before us, because the Bill as originally drafted contained a reservation from devolved powers. Regrettably, it was introduced in March this year, with little consultation with the Welsh Government at the...
Vaughan Gething: Small Business Saturday will now be in its ninth year, and, of course, it's a focal point in the calendar to help celebrate the success and importance of micro and small businesses to the Welsh economy—as Hefin David, if he were here, would remind us, the lifeblood of the economy, accounting for over 98 per cent of enterprises in Wales. These are often family businesses, small manufacturers...
Vaughan Gething: Thank you, Deputy Presiding Officer.
Vaughan Gething: Yes, I'd be happy to work with the Member as we go through, not just the announcement of the backing local firms fund, but then when we get to identifying those firms that have been successful, because we don't just want to see where they are, but then the impact of the money and how we will want to help them to engage within their local economy. So, I'd be more than happy to take up an...
Vaughan Gething: Thank you. The foundational economy is central to our economic resilience and reconstruction mission. We are supporting partners to deliver projects that nurture the foundational economy, and, of course, the backing local firms fund, which I announced earlier this month. We believe these will help businesses to overcome barriers to engaging in procurement, and deliver more jobs and better...
Vaughan Gething: On the omicron variant, I think it's fair to say that we're living through a period of uncertainty, so it's hard to have a specific programme when we're not certain what the end outcome is going to be. I think that would be the same response for any Minister in any of the four administrations across the UK. I think it's really important that I don't try to set out an artificial level of...
Vaughan Gething: Thank you. Our export action plan sets out the measures we are taking to promote the benefits of international trade. This includes delivering a comprehensive range of export programmes to support businesses on their export journey. We want to build export capacity and inspire other businesses to export, to find overseas customers and to access overseas markets. We'll continue to do that work...
Vaughan Gething: I think it's both the work we do with the guarantee, as well as what we're doing on, more broadly, looking to generate better value from local supply chains. When we talked about the foundation economy and getting better jobs closer to home, actually, this is part of it, to make sure that we're investing in local businesses. The business that I visited to launch the £35 million fund is a...
Vaughan Gething: Thank you. Employers can fill their skills gaps through the young person's guarantee by offering an apprenticeship place, recruiting and training via our employability programmes, or by advertising their jobs through the Working Wales jobs bulletin. Employers can discuss their needs by contacting the Business Wales skills gateway.
Vaughan Gething: I've been really consistent since I've taken on this post, but even beforehand. My interest in the economy as health Minister was the reality that people who are in better-paid work are much more likely to have better health outcomes. It's not just about the taxes they pay to fund public services, but they are less likely to need healthcare as well. I had a number of conversations with Ken...
Vaughan Gething: We don’t have a definition of what you mean by higher paid. We certainly think that our tax base in Wales is in the wrong shape. We need more people who are higher rate taxpayers. That’s both by growing the economy here in Wales, investing in skills and people, as well as understanding what we can do in some of those sectors where we have particular expertise in different regions within...
Vaughan Gething: Thank you for the supplementary. I don’t think I’d share the Member’s characterisation of debates within the Senedd and the priorities of the Government. Today, we have, of course, heard about tourism from a number of questions, but it’s a significant part of our economy. We think it can grow sustainably in the future, year round. But, also, we've talked about other sectors too....
Vaughan Gething: Thank you. As the Member will know, on 18 October, I held an economic summit to discuss with stakeholders how we can work together to pursue a progressive economic policy that focuses on better jobs, narrowing the skills divide and tackling poverty. A prime example is the Swansea bay city deal, which aims to create over 9,000 skilled jobs and increase gross value added by £1.8 million.
Vaughan Gething: Well, I think there's an inaccuracy—I'll put it that politely—in the way the Member has presented this. The proposals to consult on a tourism levy are part of the manifesto that saw 30 Welsh Labour Members elected by the people of Wales to the Senedd. They already form part of the programme for government, and it's no surprise that they're there within the co-operation agreement that has...
Vaughan Gething: Yes, our tourism recovery plan, published in March 2021, aims to bridge us back from the pandemic to the overarching tourism strategy, 'Welcome to Wales: Priorities for the visitor economy 2020-2025'. That aims to grow tourism and deliver benefits across the whole of Wales, with environmental sustainability and social and cultural well-being at its heart.
Vaughan Gething: Thank you. Actually, part of the conversation that I did have with the Counsel General was exactly on this basis: the potential to develop apprenticeships and for paralegal occupations as well. Some of the work for those paralegals is on track to be introduced in January. The qualification route for qualified lawyers is something that we're still examining. I understand—and I think this is...
Vaughan Gething: The Counsel General and I have had a relatively recent discussion on the importance of the legal sector’s contribution to the economy. In terms of GVA, using a wider definition to include some accountancy services, the legal sector contributed £926 million to the Welsh economy in 2019. It is also, of course, of major social importance. And I should note that I'm a lawyer in recovery and I...
