The Welsh Government will pursue an economic policy that focuses on better jobs and moving the Welsh economy forward. The Government is aiming to narrow the skills divide and tackle poverty, said Economy Minister, Vaughan Gething.
In setting out his vision to move the Welsh economy forward, Gething committed to extending a Team Wales model to offer ‘as much certainty as possible’ to businesses facing a tough recovery.
He promised a new era of partnership to strengthen regional economic development. He also promised a plan to back the everyday economy and provide support for workers in an evolving economy.
The Welsh Government will work to develop a ‘something for something’ approach. This is so that Welsh public money is spent on creating fair work, decarbonisation and skills.
The Minister is also looking at the long term challenges facing the Welsh economy. The proportion of the population aged 16 to 64 years old in Wales has been going down year-on-year since mid-2008. The figure could be just 58% by 2043.
The Welsh Government’s approach includes:
- investing in our people, through the Young Person’s Guarantee, giving people strong employability and skills offer, such as through apprenticeships
- supporting those furthest away from the labour market to find work. The Employability Strategy will highlight the support available, particularly for those most impacted by the pandemic and furthest away from the jobs market
- finding ways to retain our graduates and talent in Wales
- support start-ups, including graduate start-ups
- ensure we have firms grounded in Wales who can provide future opportunities