Plaid Cymru’s spokesperson for the economy, Jonathan Edwards MP, has today stepped up calls for urgent counterveiling measures to be introduced to ensure that Wales can take steps to avoid economic stagnation.
Plaid has argued that fiscal measures need to be introduced immediately, including the devolution of corporation tax; scrapping the discredited funding formula for Wales; the creation of economic enterprise zones; a commitment to electrification and high speed rail through Wales; and increased political powers for the Welsh Government over economic policy.
Mr Edwards said:
“If the UK Government is to embark on its war of cuts, cuts, cuts – it is essential that counterveiling measures are introduced so that Wales does not suffer from economic stagnation.
“Economic stagnation is likely to be worse in Wales than in the south east of England – which is why we need increased powers over our economic policy.
“Wales needs to be in charge of its own resources so that we can master our own economic recovery.
“What we need now are fiscal measures that will make a real difference.
“For example – devolving powers over corporation tax to the Welsh government; developing an Enterprise Zone for Wales; and the chance to push through the innovative ideas in the Economic Renewal Plan announced by Ieuan Wyn Jones this year.
“Wales also needs an immediate end to the farce of Labour’s Barnett Formula, which has left Welsh public services £1.4billion short this year – and which they ignored for thirteen years in power.
“Investment in infrastructure is the best way of ensuring longer term growth but Wales has little promise of investment from this UK Government – just days ago the Severn Barrage plan was scrapped, and yet we still have no commitment to investing in green energy in the Severn such as tidal lagoons and tidal reef.
“We also need to see electrification and high speed rail introduced for Wales as this would support economic growth significantly.
“This is what Wales needs and this is what Plaid will be pushing for.”
