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Fudning for Welsh businesses

The Welsh government announced yesterday, the draft for a budget, which focuses on the growth of jobs despite the business department having its funding cut.

Jane Hutt the Finance Minister, revealed that all deparments would be seeing a cut apart from Health and Education. She said that she had “a responsibility to use all the levers we have to  stimulate the economy against the backdrop of failing economic performance, with  the UK Government having no credible plan for long-term growth”.

She also quoted “The fact that we’re moving ahead with the Wales infrastructure  plan and ensuring that we can get funding in  through various sources as well as through borrowing, and indeed switching  revenue to capital in terms of capital spend, if you talk to business, they want  to get the construction sector working, so if we can put more into  infrastructure, into capital investment, that helps the business sector.

“It’s the Jobs Growth Wales programme, putting that £75m into ensuring that  our young people have skills and jobs in the private sector as well as the  public and third sector.

“Also, working on other aspects which business wants us to do in terms of  procurement, using procurement opportunities for them in the public sector. And  also reducing the burden of planning issues.

“And of course we had a report in 2010 which recognised the business concerns  about obstacles they perceived in terms of planning.”

Shadow Finance Minister Paul Davis desribed the draft budget as smoke and mirrors. “Small businesses across Wales will have just cause to feel ignored by the Welsh  Labour Government with no relief on business rates or support to help our small  businesses to expand and create new jobs”

The worry comes from creating a budget to try and grow jobs when the economic crisis is affecting more than that. Companies are finding it incredibly difficult to finance themselves and this creates a downward spiral in communities and to the economy.


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