Economic Priorities for the Next Welsh Government

 


The IWA has been undertaking research, analysis and engagement over the last five years to develop practical ideas to make a successful, clean, green, and fair economy for Wales.

We have developed a set of priorities rooted in this work. Focussing on the potential for Renewable Energy, the Foundational Economy, and crucial reforms to how economic policy is made and implemented post-Brexit. 

The economy is a broad topic, and we aren’t seeking to create a comprehensive document on all aspects of economic policy. Our Economic Priorities for the Next Welsh Government report outlines the detailed, practical recommendations in these key areas, which we believe the next Welsh Government should take forward.

We recognise the important work being done by other organisations to highlight other important economic issues, particularly tackling poverty and inequality, and the impact of Covid-19.

 

Energy Economy Priorities

1. Low carbon stimulus, focussed on:

  • Decarbonisation of homes
  • A revamped Energy Service, focussed on digital, and the rapidly changing energy system

2. Focus on delivery:

  • Ensure the public sector has the knowledge, skills, and capacity to deliver the vision

3. A future proof grid:

  • Engage with reforms to energy networks to shape the future system

 

 

Foundational Economy Priorities

1. A better balance in business support

  • Better and more widespread engagement with SMEs
  • Encouraging collaboration between firms through vouchers and networks – Funding and support for decarbonisation
  • Government-sponsored foresight and future trends activities
  • A more granular approach to defining priorities and setting targets.

 

2. Better regulation, which doesn’t disadvantage foundational firms

3. Long term support for innovation and improved productivity in the foundational economy

 

 

Getting the Structures Right

  • Place Economy, Energy, and Transport into the same ministerial portfolio
  • Convene forums to develop successful, impactful bids for economic development funding post-Brexit
  • Develop a ten year strategy for economic development, with cross party support

Read the full report here.

We asked the parties standing in the 2021 Senedd elections specific questions around our priorities. You can read their responses here. 

You can also read our analysis of the responses received.

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