Welsh Government preparing for ‘economic shock’ of No-Deal

“The Welsh Government is doing everything it can to prepare for the economic shock of a no-deal Brexit” Economy Minister Ken Skates told UK government ministers on Thursday.

During a meeting with the Minister for Small Business, Consumers and Corporate Responsibility, Kelly Tolhurst and the Minister of State for Energy and Clean Growth, Claire Perry, the Economy Minister will also stress the importance of partnership working and new investment if the Welsh economy is to get the support and direction it needs post-Brexit.

Speaking ahead of the meeting, Economy Secretary Ken Skates said:

“We must be under no illusions that a no-deal Brexit would present major challenges to the Welsh Economy. I’ve spoken to businesses based in Wales, businesses considering re-locating to Wales, unions, workers and investors and the message has been crystal clear – the economic shock and subsequent knock on effect of investment, employment and livelihoods could be significant.

“Despite this, the possibility of a no-deal Brexit is still with us. If events reduce this risk in the coming days they are unlikely to remove the possibility that no deal could still happen in the weeks ahead and I am determined that Wales is as ready as it can be to tackle these challenges and address the difficulties businesses might face at the earliest opportunity.

“Our Business Wales’ Brexit toolkit, which has been now been viewed by Welsh businesses more than 35,000 times has been positively received by the sector. Our Brexit resilience fund is already helping businesses of all sizes across Wales be as prepared as possible and last week I announced a further £121 million across 3 targeted business funds to help further stimulate our economy and ensure jobs are kept in Wales wherever possible. These are just some of the practical steps we are already taking to support our businesses as they look to plan for the future.

“But these are challenging times and there is only so much we can do, alone. This is why it is so important for us to continue to work collaboratively with both the business community and UK government, it’s why I will be looking for further clarity on the UK government’s post-Brexit funding promises and it’s why I have been meeting with lenders, banks and private investors to ensure Wales is not caught in the headlights.

“No-deal would bring with it unprecedented challenges to the Welsh economy but there is a huge amount of good work happening to ensure our businesses are as ready as they can be to tackle them.”