3. Statement by the Minister for Economy: The Foundational Economy

Part of the debate – in the Senedd at 3:27 pm on 9 November 2021.

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Photo of Sarah Murphy Sarah Murphy Labour 3:27, 9 November 2021

Diolch, Dirprwy Lywydd. Backing local businesses is vital and that is why I am so happy to see the £1 million investment for the backing local firms fund from you today, Minister. I know in my constituency of Bridgend the difference that strong local businesses make, and they are the lifeblood of our communities all across Wales. I am especially pleased that this fund will prioritise businesses in the food, social care and optimised retrofit sectors, of which we have many in my constituency. It really highlights how the Welsh Government is truly investing to strengthen our foundational economy and, by extension, the well-being of the people of Wales. Sorry, I haven't got my glasses. Winning more value and better jobs from the food we eat to the care we receive and the homes that we live in is what it should be all about, and this fund, of course, is an addition and builds upon the announcement from our Minister earlier this summer with the £2.5 million funding boost to back businesses in the everyday local economy. So, as you said, we are building all the time. I am also very keen to know, as Luke Fletcher said, more about this fund, how my constituents can engage in it and apply for it as soon as they possibly can.

And finally, I really appreciate the fact that the Welsh Government's backing local firms fund is based on evidence and partnership. This is the reason why I wanted to be elected to represent the people of my constituency—to ensure that when we do have this funding, this really important funding that makes a huge difference, that that is exactly how it is decided. Because, sadly, this has not been the case for Bridgend or Wales when it comes to the UK Government's levelling-up funding, which, frankly, might as well be called the 'backing loyal Tories fund'. So, whilst I am absolutely delighted that we have this additional funding for local businesses today, Minister, I hope the UK Government can learn from Welsh Government on this.