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A new economic goal for Wales to halve the productivity gap
with rest of UK.
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A new approach to make Wales the easiest place in the UK to
start, grow and invest in a business.
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A new agency to drive economic development and boost
pay.
We are launching a new economic mission to boost pay and halve
Wales' productivity gap with the rest of the UK within ten years
– that's the message from , the Cabinet Minister for
Enterprise, Connectivity and Energy.
With Welsh productivity 15% below the UK average, he also wants
to make Wales the easiest place in the UK to start, grow and
invest in a business.
Delivering his first Oral Statement to the Senedd today, the
Cabinet Minister said the new Welsh Government is committed to
adopting a different approach, with a goal of bringing to an end
generations of low productivity.
The new approach will be delivered in partnership with
businesses, trade unions, regional stakeholders and the UK
Government, with a specific focus on supporting firms to scale so
they can compete in high-value markets.
This will be supported by a reformed skills system that equips
people not just for work, but for progression.
, the Cabinet Minister for
Enterprise, Connectivity and Energy, said:
“Today we announce a National Productivity Goal to close the gap
with the rest of the UK and help unlock the full potential of the
Welsh economy.
“For too long, Wales has struggled to close the gap with the rest
of the UK when it comes to productivity. Announcing this target
today shows our clear commitment to improving the lives of people
living in Wales.
“By focusing on productivity, we will deliver higher pay,
stronger businesses and thriving communities.
“This goal will give direction to our new Welsh innovation and
development agency, shaping how we support businesses, develop
skills and invest in the foundations of a stronger, more
competitive Welsh economy.
“We are determined to turn ambition into action, creating a
stronger, more productive economy that delivers for people in
every part of Wales.”
Details of how the productivity goal will be measured and
monitored will be announced later in the year.
