An additional £7.5m to help Welsh businesses build
resilience in order to cope with the challenges of Brexit is
being announced by Economy Secretary, .
The £7.5m, which is part of the Welsh Government’s £50m EU
Transition Fund, will be used over the next three years to help
companies develop the new expertise and processes they will need
in order to thrive, post Brexit.
Part of the funding will be invested in strengthening the
Welsh Government’s already highly regarded export support
services so that more Welsh businesses can develop the skills and
confidence needed to begin or increase overseas trading, both
inside of and outside of the EU. It will also be used to ensure
businesses have access to the high quality exporting intelligence
and technical information they need to successfully develop new
export opportunities.
Another element of the funding will be directed into a Brexit
Resilience Grant which businesses from across Wales will be able
to bid for a share of. This will complement the high quality
advice and support available through the Welsh Government’s
Business Wales service to help businesses invest in overcoming
immediate challenges related to Brexit, such as additional
administrative burdens and complexities.
The £7.5m will also be used to help businesses explore and engage
in new collaborations and innovations so they can develop
capacity and retain competitiveness, post-Brexit, in order to
keep jobs here in Wales, to enhance the Welsh Government’s own
understanding of trade flows between Wales and the rest of the
world, and to market Wales as a great place to invest and
do business.
Finally the money will provide businesses with access to
web-based information, tools and resources that will empower them
to respond to a changing trading environment. This work began
last month with the launch of the Business Wales Brexit Portal.
Speaking ahead of an FSB Business Breakfast where he will
formally announce the funding, Economy Secretary said:
“It is now just a matter of months until the UK leaves the EU but
unfortunately the UK Government’s approach to Brexit means
businesses in Wales are still left with many unanswered questions
about what the future holds.
“As Economy Secretary my focus remains very much on delivering
our Economic Action Plan, which has been designed to help us
future proof our economy, and maintaining an honest, direct and
ongoing dialogue with the business sector so we can work together
to prepare for the challenges ahead.
“Last month, we launched our Business Wales Brexit Portal
which was developed with support from FSB . The portal
provides companies in Wales with up-to-date information and
advice on a range of crucial issues and helps them to assess
their Brexit readiness though a bespoke diagnostic tool. I
have been delighted by the incredibly positive
feedback from businesses right across Wales on its value.
“Today I am delighted to announce an additional £7.5m to support
business in Wales to build the sort of resilience that Brexit
will require.
“From beefing up our already strong export support service
through to helping business to navigate immediate Brexit burdens
and uncertainties and helping them to develop new collaborations
and innovations, the money will be spread across six priority
areas that I believe really can strengthen the sector.
“I am determined that we will use this funding
intelligently and effectively so we can maximise its impact
and support the business sector in Wales into the
strongest possible position to face the Brexit related challenges
ahead.”
Ben Francis, FSB Wales Policy Unit Chair, said:
“Recent FSB research has shown that only 17% of Welsh businesses
have currently undertaken any planning for the possibility of a
no-deal Brexit. This means that the Welsh Government support for
businesses to begin planning for Brexit is even more significant
so that businesses can chart a course through the coming months,
especially since the narrative on Brexit appears to be changing
on a daily basis.
“FSB has welcomed the launch of the Business Brexit Portal and
encourages businesses across Wales to take advantage of the tool
in order to understand any potential risk areas or ways for them
to maximise the possibilities of Brexit.
“New funding to support businesses through Brexit is also very
welcome. Businesses will want to see Welsh Government applying
this funding flexibly and, crucially, ensuring that if businesses
are required to bid in for funding through the Brexit resilience
fund, that SMEs are fully informed about how to access it.
“Welsh Government’s focus on export in this funding ties in with
FSB’s call for us to think strategically about how we sell Wales
to the world. As the date of Brexit draws ever closer, we want to
ensure that Wales maintains and grows its role as a confident and
outward facing nation, and empowering our SMEs to play a role
will be significant part of achieving this.”
More details on how businesses can apply for their share of this
funding will be published in the coming weeks.
