Businesses to Sign Up to New Contract for Government Support

Businesses seeking Welsh Government support will now need to enter into a new Economic Contract aimed at driving inclusive growth, increasing the availability of fair work and encouraging responsible business behaviours.

The Economic Contract is one of the key policies of the Welsh Government’s Economic Action Plan, which was launched back in December.

The Plan sets out the Welsh Government’s new approach to economic development, which is focused on building strong foundations for inclusive growth, supercharging the industries of the future and empowering Wales’ regions.

Under the new Economic Contract, businesses seeking Welsh Government support will be expected to demonstrate commitment to principles of growth, fair work, health, as well as enhancing skills and learning in the workplace and reducing carbon footprints.

Wrexham AM Lesley Griffiths has backed the Welsh Government’s Economic Action Plan and said: “With over 37,000 jobs created and safeguarded across the whole of Wales in the last year and over 190,000 in the last five years, the record of the Welsh Government in supporting economic growth is strong.  However, the economy is changing fast and this new approach aims to maximise the opportunities that lie ahead.”

“The Economic Contract sets out a new and strengthened relationship between business and the Welsh Government, placing a greater focus on collaboration and aiming to use the lever of public funding to encourage a culture change across the whole of the Welsh economy.”