Part of the debate – in the Senedd at 3:24 pm on 6 May 2020.
May I thank David Rowlands for his questions? There's no doubt that a recession now is unavoidable, but what we must avoid at all costs is a depression. And we've been playing a very significant part in ensuring that that doesn't happen in Wales. We have, so far, supported directly around one in five Welsh businesses with grants. We've also supported businesses through rates holidays, and, in addition to that, there's the UK Government's job retention scheme, and indeed, the self-employment income support scheme that is helping to keep businesses and to keep the self-employed essentially alive during what is an incredibly difficult period, even if it means hibernating activities for the short term.
In the longer term, already work is taking place across Welsh Government with regard to resetting the economy, and shaping a fairer, greener economy once we emerge from coronavirus, which will take us some time—it will not be a swift exercise in reshaping the economy, but it is nonetheless a very necessary one. And of course, the work that Jeremy Miles is leading on, in terms of those expert panels, the discussions that have taken place with external advisers, that will help to shape our interventions as we come out of this difficult period. Capital stumulus will play an important part in ensuring that the economy grows as rapidly as it possibly can do.
But David Rowlands is absolutely right in identifying the fact that Wales could well be more adversely impacted by coronavirus than other parts of the UK. There are similar sub-regions of the UK that could be hit just as hard as Wales—those areas where there's a high number of people who relied on heavy industries in past decades and those areas that have struggled to overcome the post-industrial challenges that we've seen. And that's why we are keen to work with those areas of the UK that share similar demographics, share similar economic challenges.
Later today, I'm going to be speaking with a number of metro mayors, just across the border, who represent such sub-regions. I'm keen to make sure that we share ideas, and that we share common approaches, and, indeed, that we share, where possible, a similar call for investment by the UK Government to be made in a way that reshapes the UK economy, and rebalances our economy across the United Kingdom.