Small and Medium-sized Businesses

Part of 3. Questions to the Minister for Economy – in the Senedd at 3:15 pm on 31 January 2023.

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Photo of Vaughan Gething Vaughan Gething Labour 3:15, 31 January 2023

Thank you for the comments and questions. You're right about the economic resilience fund. I was in a different role during the pandemic, but the reality is that, because we didn't spend the same money on our test, trace, protect programme and the way that we used money on our personal protective equipment programme, meant that we provided more successful contact tracing at a lower price than the UK Government did, and we provided a more successful operation of providing PPE to front-line workers. That meant we could be more generous in supporting small and medium-sized businesses and freelancers through the pandemic.

The challenge now is, because of the reductions to our budget—not just in the mainstream settlements, but also things like the shared prosperity fund and others, where money's been taken away from Wales, over £1 billion lost in those three years—we've had to make some really difficult choices. But I've chosen to maintain the Business Wales service because of its value. So, small and medium-sized businesses will continue to have access to all of the support and advice available, together, of course, with investment opportunities from the Development Bank for Wales as well. I appreciate the Member's constituency takes in some of the Monmouthshire county as well, but, in Newport, up to the end of December last year, in the last two years, Business Wales had helped support over 1,000 jobs in small and medium enterprises, with dedicated support provided to 659 businesses and nearly 200 new start-ups. It does show the continued activity that we can and do offer to small and medium businesses, and I'd be more than happy to write to the Member with more details on activity across all the parts of his constituency.