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Transforming Wales: Building a better economy

January 21st 2021

The economy in Wales faces longstanding challenges around performance but also around inclusion. This paper sets out an agenda for the next Welsh Parliament to create a better, fairer economy

This paper sets out actions to reset the economy: one that makes full use of the assets, talents and opportunities in Wales; one that responds to current and future challenges and one that builds a resilient, sustainable and inclusive economy for current and future generations. We advocate a seven point plan for the Welsh economy.

All actions should be underpinned by four guiding principles:

An inclusive economy: Wales’ economy has not benefited everyone, for example because of their personal characteristics, or the jobs they do.  The pandemic has exposed and deepened these inequalities. Increasing economic equity should be at the heart of all Welsh economic  policies.  This means ensuring  development is balanced spatially between different areas, driving up terms and conditions and increasing the economic participation of women, disabled and BAME people.

Whole economy approach: The 21st century economy is increasingly complex. Differences between  sectors are blurring, global connections are growing and the pace of change is increasing.  It is impossible to know which sectors have the best prospects for growth.  There should be a focus on the whole economy, irrespective of economic sector. Public policy should neither favour nor overlook different types of economic activity – they all make a valuable economic contribution.

Building economic resilience: Welsh businesses and workers need to  withstand future economic shocks, including changes in digital technology, climate change and Brexit. The economy of the future must be able to resist disruption, to recover quickly and to reorientate and take new paths.  The next Welsh Government should focus creating a resilient business environment. This includes durable  digital connectivity and transport links, stable business finance, and workers need transferable skills and opportunities to retrain.

The common good: Future economic investment should be based on achieving substantial social and environmental gains as well as creating jobs and supporting business growth.  Significant job gains could be achieved through investment in the green and social economy, and in particular in childcare and social care, could generate thousands of jobs as well as providing essential services that nearly all of us will use at some point in our lives.

Download the infographic here (PDF)

Pages: 22
Format: PDF
Language: English

 

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