4. Statement by the Minister for Economy: Development Bank of Wales — Investing with ambition

Part of the debate – in the Senedd at 3:18 pm on 25 October 2022.

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Photo of Vaughan Gething Vaughan Gething Labour 3:18, 25 October 2022

Thank you, acting Presiding Officer. I know that businesses and workers are grappling with very real trauma all over again. From the many discussions that I have had with businesses in recent weeks, I recognise the enormous difficulties that they face. The Welsh Government is in no doubt about the gravity of the situation. Our economy is more reliant upon small businesses, so the risks that they face will of course hit our communities disproportionately. Many small businesses are the lifeblood of our communities and act as a meeting place, forming a part of the character of neighbourhoods across Wales. In the devolution era, I am proud that we have worked together to create support that is responsive to small and medium-sized businesses.

I know that the Development Bank is taking a proactive role in facilitating help for businesses. That came across loud and clear in our recent economic summit. There are of course differing views on how we go about securing a stronger Welsh economy in the short term and long term, but all of us want to foster an environment where we are more resilient. For me, that means an economy where people have the skills and the protections that offer security through the tough times ahead.