Part of 1. Questions to the Cabinet Secretary for Economy and Transport – in the Senedd at 2:02 pm on 28 November 2018.
Thank you, Cabinet Secretary. We know that the economy of Wales is marked by having a small number of very large anchor firms and a very large number of micro firms, but a missing middle—too few medium-sized firms. And small firms that tend to grow often cash out and the ownership leaves Wales. We're now seeing in Llanelli the difference between a grounded local firm and a rootless global firm, and indeed, the difference that grounded local management can make. A decision by the German family firm Schaeffler to close its Llanelli factory is not a first. They tried to close it in the early 2000s, but then a strong local management, committed to the area, fought back and developed new products that saved the plant. This time, the local management were not rooted in the area, and we are now seeing the consequences, with 214 families this Christmas facing an uncertain future. So, would the Cabinet Secretary update us on how the Development Bank of Wales is planning to grow a base of medium-sized Welsh firms, and what steps can be taken to support the local workforce in Llanelli in the current circumstances?