Questions Without Notice from Party Spokespeople

Part of 1. Questions to the Minister for Economy and Transport – in the Senedd at 1:46 pm on 4 December 2019.

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Photo of Ken Skates Ken Skates Labour 1:46, 4 December 2019

For every list of so-called poor investments, we can produce a list of successful investments, investments in businesses like Aston Martin Lagonda, who are choosing to make Wales their home of electrification; of businesses like INEOS Automotive, who we've secured very recently in the face of fierce competition from around the world; businesses like Airbus, who we are helping to secure the future of the Wing of Tomorrow programme for. I think it's important to say that we're often accused of being risk averse in Welsh Government. We are equally accused of having too high a risk appetite. Having the balance right is incredibly difficult to achieve in the eyes and minds of every single person.

Many of the investments that the Member has outlined and could outline are investments in the past that predate the economic action plan, and specifically the economic contract, which must be signed by businesses seeking our financial resource. And within the economic contract, they have to clearly demonstrate how they have growth potential, not just themselves but also for the supply chain; how they're promoting fair work; how they're leading to decarbonise Wales and their own footprint; and also how they're contributing to the improvements in health and mental health within the workforce. This is an important development over the past 18 months, which is intended not just to drive productivity, but also to drive inclusive growth, and that is something that we're incredibly proud of.

In addition, all evidence now shows that support for businesses from Business Wales has led to higher survival rates than amongst businesses that do not have Business Wales support, and, as a consequence of years of strategic investment, we now have near-record-high employment rates, record-low inactivity rates, more businesses in existence than ever before in Wales, a higher birth rate here in Wales than the UK average, and crucially important, we now have opportunities emerging right across Wales for businesses to start up through that support that Business Wales offers.