Plaid Cymru AM Simon Thomas will today unveil his vision for getting the Welsh economy out of recession during a meeting in Llandeilo, Carmarthenshire.
His economic vision for his party includes:
- Creating a Sovereign Wealth fund for Wales
- A shift from new road building to pump money into public transport
- Creating a Welsh business bank
- Broadband – 4G roll out across the nation
- More apprenticeships
- A new Welsh Jobs Agency
Mr Thomas, a Plaid leadership contender commented:
“I want to see us setting up a Sovereign Wealth Fund to ensure that Wales takes part in the green energy revolution and ensure that the people of Wales get a full share of the energy and wealth created. We can raise a national levy on resource development and build up a Sovereign Wealth Fund. The Fund could act as a guarantee for further borrowing, when such powers are gained, and taken together a Wealth Fund could be an impressive multi-million pound source of money for grants and loans for community run groups.
The Mid and West AM said: “I believe we cannot support the proposed M4 relief road at a time of such financial pressures on the public purse. However we should go further and halt any new road building in Wales so we can use the capital to invest in buses and trains. We can then look to reduce fares.”
The Plaid AM added: “The issue facing any business in Wales with the potential for growth is working capital. Bank lending to many Small and Medium Sized Enterprises has dried up. Many businesses do lend informally to each other. Some businesses do have surpluses but by the same token, banks do not offer good rates at a time of low interest rates.
“The Welsh Government could support a business bank for Wales, this would be a business mutual, using co-operative rather than shareholder methods, and would receive investments from Welsh business and lend to others.
