WIREDGOV

The global economy is facing unprecedented challenges.

The twin impacts of tighter credit conditions and increases in prices, mean the Welsh economy is experiencing tougher times, as are the economies of the UK and virtually the whole world.

After the unparalleled growth of recent years, we in Wales will need to prepare ourselves for a more demanding economic climate.

This is a time when it is critically important that the UK and the Welsh Assembly Governments both listen carefully to the experience of businesses and other local groups to ensure we understand what is happening on the ground.

It is also important that businesses are clear what support is on offer from the UK Government and Welsh Assembly Government to help them respond in these difficult times.

This document has been drawn up by the UK Government and the Welsh Assembly Government as an initial framework for discussion with business, councils, housing groups, the voluntary sector and community groups. It sets out how the two Governments will work with other agencies throughout Wales to support the economy, build on the nation’s strengths and help Welsh families and businesses through the tougher times ahead. In addition to the work detailed in this document, local councils and the voluntary sector also support business and families in their communities.

Times may be harder over the coming months but there is little doubt that the underlying strengths of the Welsh economy will help it through this difficult period.

This document encourages local businesses, the voluntary sector and other local groups to continue communicating with local agencies, and the UK and Welsh Assembly Governments about how the economy is changing in their area, how current policies are working and what further needs to be done in specific areas or sectors.

This document also sets out how the two Governments are working together in a unique partnership to stimulate support for the Welsh economy to perform strongly in the coming months and years and help give it the edge needed to compete in today’s difficult global conditions.

Rt Hon Paul Murphy MP, Secretary of State for Wales

Rt Hon Rhodri Morgan AM, First Minister for Wales

Download The Economy: A Focus on Wales.