Responding to the Chancellor’s speech on economic growth today, Janet Finch-Saunders MS, Shadow Minister for the Economy, said:
“The Chancellor talks about growth, but growth doesn’t come from warm words and good vibes. It comes from making Wales a competitive place to do business.
“He admits that energy bills, regulation and labour costs are holding businesses back, and that the high cost of doing business has contributed to deindustrialisation. He is right.
“Welsh manufacturers are paying around twice the electricity prices faced by their competitors in France, nearly four times those in America and more than five times those in China. At the same time, Labour has piled additional costs onto employers through its National Insurance jobs tax.
“And things are even worse here in Wales, where the Plaid Cymru Government is pressing ahead with a tourism tax, businesses face some of the highest business rates in Britain, and ministers want to accelerate Net Zero to 2040.
“If the Chancellor genuinely wants growth, he should cut taxes on businesses, reverse the jobs tax, abandon the costly rush to Net Zero and deliver cheaper, reliable energy.
“He should get the welfare bill under control and prioritise spending on things government really needs to do, including defending our country.
“You cannot rebuild Welsh manufacturing while making it increasingly expensive to make things in Wales.
“Welsh businesses don’t need another speech about growth. They need lower taxes, cheaper energy and governments in Cardiff and Westminster that get out of their way.”
