Plaid’s economic commission investigates proposals
Plaid Cymru has called for a new Bank of Wales business bank to help small and medium sized businesses grow to reach their potential.
Economy spokesperson Alun Ffred Jones said that the party’s economic commission would investigate proposals for a Bank of Wales, along similar lines to German Sparkasse and Landesbanken which operate on a strictly regional basis to support local industries.
He warned that many small and medium sized businesses in Wales were being denied credit by banks and this was preventing the growth of the private sector in Wales.
The Party of Wales Shadow Economy minister Alun Ffred Jones said:“Plaid Cymru is ambitious for Wales – we want to see more business and economic growth throughout the country, creating jobs and improving skills.
“However, what I hear from businesses up and down Wales, and supported by surveys from the FSB and other business representatives, is that small businesses are still finding it difficult to get funding to help with their cashflow and to develop their future growth plans.
“It isn’t a problem which is unique to Wales, and the problem is commonly recognised, but the various credit proposals from Westminster haven’t provided the solution.
“In fact, all too often, we hear stories from business owners that have had to use their credit card to finance their growth plans because distant banks are cutting back on capital and unwilling to commit to plans to improve Wales.
“Private sector growth is vital to our economic recovery.
“Wales therefore needs to have a bank which operates on similar lines to the German Sparkasse and Landesbanken that operate on a geographical basis, developing special expertise in the local industries so that they are better equipped to make investment decisions.
“The Bank of Wales name was bought up by the Bank of Scotland and merged out of existence. It would be good if we could have that name back to use to benefit Wales, rather than it being left in a drawer, and being no good to anybody.
“Plaid Cymru’s economic commission will be investigating how we can make the banking system work better for Welsh business.”