Janet Finch-Saunders, Member of the Welsh Parliament for Aberconwy, has reiterated her calls for pro-growth policies from both the Welsh and UK governments.
This follows the news that the pound has fallen to its lowest level in over a year, while UK borrowing costs hit their highest for 16 years. This is in addition to:
- The Bank of England announcing that UK interest rates will remain at 4.75%;
- The British Chambers of Commerce revealing statistics highlighting the severe impact of the Chancellor’s tax hikes on businesses nationwide;
- The UK's manufacturing sector facing its steepest downturn in nearly a year.
Commenting on the state of the Welsh and UK economy, Janet said:
“Higher debt and lower growth are causing real concerns among the public, among businesses and in the markets.
“Both the Welsh and UK governments need to boost confidence in the Welsh and British economies. The way to do that is by having pro-growth policies.
“During the last General Election the Labour party made clear in their manifesto that their first step for change would be ‘1. Deliver economic stability with tough spending rules, so we can grow our economy and keep taxes, inflation and mortgages as low as possible’.
“Rather than economic stability, what we have is, as Andrew Bailey said, ‘heightened uncertainty’.
“The future of family farms here in Aberconwy have been completely undermined by the disastrous changes to inheritance tax rules.
“Businesses are being affected by the increase in employers National Insurance.
“We have a hospitality sector suffering not only because of the reduced business rate relief, but further penalising policies coming down the line from the Welsh Government.
“And we have massive un-tapped economic potential in Wales through critical minerals and the green sector.
“I will continue to champion a stronger economy in Wales and the UK”.
ENDS
