10. Short Debate — Postponed from 15 November — Business post-Brexit and the opportunities for Wales

Part of the debate – in the Senedd at 6:22 pm on 22 November 2017.

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Photo of Ken Skates Ken Skates Labour 6:22, 22 November 2017

Thank you, Deputy Presiding Officer. I'm pleased to have the chance to respond to this short debate and I'd like to thank Neil Hamilton for his contribution and to members of UKIP for remaining in the Chamber.

I've greatly valued the opportunity to listen to the Member outlining his optimistic vision of a post-Brexit Wales and a post-Brexit UK, but it's still our view that having full and unfettered access to the EU's single market for not only goods and services, but also capital, is a top priority in order to protect jobs and the Welsh economy, because it's vital that businesses in Wales are not disadvantaged through unnecessary tariff or non-tariff barriers to trade.

The prevailing economic analysis from most reliable independent commentators continues to be in line with the analysis contained within our White Paper, 'Securing Wales' Future'. We've also commissioned, though, Cardiff Business School to undertake research to extend our analysis, drawing on discussions with businesses from a range of sectors. The report considers the potential impacts of both World Trade Organization tariff and non-tariff barriers across 17 sectors, along with other risk factors, such as the susceptibility of different sectors to labour market risks and corporate investment cycles. And the findings of this work bring a Wales perspective to the range of reports and analysis currently being produced on EU exit. It also, I think, contains useful information that aligns well with reports produced by stakeholders, such as the Confederation of British Industry and the Federation of Small Businesses. 

We'll be publishing this work as soon as possible. Part of the task that we gave Cardiff Business School was to look at the opportunities, but I have to say that many businesses that we are speaking to have been finding it difficult to articulate what those opportunities might be. Businesses are often too busy focusing on how they can best manage the changes to come and how to plan in this continued period of deep uncertainty, with many telling us that they are currently forced to plan based on the worst-case scenario.