The economy and jobs

Progress our productivity mission which will consider all government activity with reference to driving up productivity.

Latest figure: Productivity, 84.9, 2023.

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Establish a new Economic and Fiscal Commission to help us set targets, collect relevant data and measure progress to make government more accountable for its economic decision making.

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Create a new, business‑led National Development Agency, at arms‑length from the Welsh Government, to help Welsh businesses to grow, innovate and trade internationally, secure inward investment, and increase numbers of good quality, well‑paid and sustainable jobs. The agency will work for people across the nation and across the economy.

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Reform the Development Bank of Wales and the financial products it offers to support the growth of medium‑sized businesses and ensure that its financing promotes and embeds fair work and a Real Living Wage.

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Aim to increase the level spent on procuring goods and services from Wales‑based suppliers towards 70%, using public procurement as a driver of economic growth. We will introduce a new measure of Welsh economic value from public procurement to maximise the economic and social benefits that public spending delivers for Wales.

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Develop the supply chain for Welsh timber, using public procurement to stimulate demand, and promote innovation and business growth in the sector, whilst improving resilience and working with the sector to deliver on the Welsh Timber Industrial Strategy.

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Adopt a Fair Work First approach to awarding public sector grants, loans and contracts.

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Reform and rebalance business rates to better support high street businesses in hospitality, leisure and retail.

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Use the Town Centre Taskforce to explore the options around revitalising our town centres including bringing empty properties into use as social housing.

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Legislate for a community right to buy to empower communities to take ownership of local assets.

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Provide more specialist support to create, grow and sustain new co‑operative, employee‑owned, and social businesses, and improve their access to finance through the Development Bank of Wales.

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Deliver a new Digital Strategy which will support digitisation and innovation in the Welsh economy, drive forward public service digital transformation, and deliver the conditions to support safe and ethical adoption of AI to support productivity and more efficient public services.

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Continue to work with UK government and telecoms providers to ensure businesses and homes have access to superfast broadband at a minimum.

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Review the role of Visit Wales and consider whether it is the best model for supporting tourism and promoting careers in the industry.

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