In the wake of the decision to leave the EU, Wales needs a Marshall Plan to rebuild the Welsh Economy, Local AM and Plaid Cymru's Shadow Cabinet Minister for Finance and Economy Adam Price has said.
Adam Price argued that Wales should not lose a penny of structural funds as the result of the decision to leave the EU.
He said a three-pronged Marshall Plan needed to protect Wales’ economic interests.
The three point plan would include a new UK regional policy which would be more generous than the EU structural funds, in order to close the prosperity gap that has increased over the last seventeen years.
It would also include powers over business taxes in order to give Wales a competitive advantage as we try to strengthen the economy, such as corporation tax and other powers over R&D tax credits and capital allowances.
And the Welsh Government should also maximise its infrastructure investment through not-for-profit models. This includes borrowing capacity through NICW and the Business Development Bank for Wales, and a new Investment Bank of the British Isles to replace the European Investment Bank, which Plaid Cymru believes should be based in Cardiff.
Plaid Cymru Shadow Cabinet Minister for Finance and Economy Adam Price said:
“It is right that Wales should not lose a penny from the loss of structural funds from exiting the European Union. We need more economic levers and support so that we can address the financial shortfall that we face.
“Wales needs a Marshall Plan for the Welsh economy. That should include not just additional funds but also new tax powers that could give Wales a competitive advantage as we try to strengthen our economy and give it the added support it needs.
“On top of this, the Welsh Government should maximise its use of not-for-profit models of financing investment so that we can bring forward infrastructure investment to boost the economy right across Wales.
“Wales is facing unprecedented challenges to our financial situation. We need a Marshall Plan to steer us through these difficult times.”