The Economy of South Wales West

Part of 1. Questions to the Minister for Economy, Transport and North Wales – in the Senedd at 1:33 pm on 27 January 2021.

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Photo of Ken Skates Ken Skates Labour 1:33, 27 January 2021

Can I thank Suzy Davies for her question? I should actually say that, in terms of considering capital investments, we did make available £100 million in business development grants, which was taken by a huge number of businesses—great interest in that particular scheme and the demand was incredible. That was specifically designed to encourage businesses to invest in their future. So, we have already made a considerable sum of money available for capital improvements. And in terms of that pathway to recovery, just last Friday the First Minister announced an additional £200 million to the restrictions fund, taking it to a total of £650 million, to enable businesses to have that bridge to the period of recovery.

In terms of the supply chain, we've also been able to allow supply chain businesses to access funds where they are able to prove a significant downturn in turnover. And it's worth just mentioning to Members that, in direct regard to that key sector that Suzy Davies has mentioned—hospitality—a typical hospitality business in Wales with the equivalent of six full-time staff could now be eligible to receive between £12,000 and £14,000, to help them through this desperately difficult period of restrictions. And that compares favourably to what's on offer across the border, where £9,000 is the highest award available to businesses in that sector of the same size. That demonstrates just how generous the offer is in Wales and how determined we are, as a Welsh Government, to secure the futures of as many businesses and as many employees as possible.