'More financial support is needed now to keep businesses in Wales afloat'

By Jake Chown  
Wednesday 23rd June 2021 1:12 pm
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Peter Fox, Monmouth SM and Shadow Minister for Finance

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Peter Fox, the Shadow Minister for Finance, has today called on the Welsh Government to urgently provide businesses with additional financial support, following the decision to delay the easing of lockdown measures.

The Welsh Government’s recent decision to delay a major relaxation of restrictions by some four weeks has dashed the hopes of many sectors, which had been hoping for an earlier return to trading at full capacity to help recover from the last disastrous 15 months.

And today, the MS for Monmouth called on the Welsh Government’s Finance Minister to financially support Wales’ businesses beyond the end of this month – which is when lockdown easing is scheduled to take place.

Mr Fox said: “Wales’ businesses have warned me in no uncertain terms that they fear collapse unless more financial support is provided by the Welsh Government.

“With that in mind, it makes no sense why the Welsh Government is choosing to leave businesses out in the cold.

“Very recent research from the Wales Fiscal Analysis suggested the Welsh Government has roughly £500 million in unallocated COVID-19 funding which could be used to kickstart Wales’ financial recovery by extending the business rates freeze beyond the next financial year, as well as through financing other incentives.

“Businesses in Wales are stuck in a precarious situation and therefore we need to see firm action now from the Welsh Government.”

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