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CBI Wales Responds to the Spring Budget

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Written by:

Ian Price 
Director
CBI Wales

 

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Welsh Investment Zone

“Businesses will welcome the Chancellor’s announcement that an investment zone will be created in Wales, one of 12 such sites across the UK.

“If created correctly, this could replicate the success of the South Wales Industrial Cluster, creating thousands of jobs, reskilling, tax incentives, supply chains and turbo charging economic growth.

“This move to drive economic prosperity in the regions and nations is critical to powering up the country’s potential to deliver long term economic growth which sees wealth and opportunity spread into every part of the UK.

“With the £80million of spending per investment zones announced today, this is a chance to build a clear plan for growth which creates world leading economic assets around high performing business clusters, to provide new employment opportunities, and help attract new investment to Wales.”

“It’s vital that the Welsh and UK governments work hand in hand to make the zone successful.”

Carbon Capture Utilisation and Storage 

“We welcome the go ahead being given for billions of funding to be made available to the right projects in the devolved nations, bringing closer the prospect of a Carbon Capture Utilisation and Storage (CCUS) site in north Wales, which would boost jobs, creating new supply chains and helping Wales go for green growth and achieve Net Zero.”

Nuclear Reactor

“We welcome the announcement of a competition, co-funded by the UK Government, for a small modular reactor (SMR) which could benefit Gwynedd and the wider north Wales economy if the innovative technology is found to be viable. Other possible benefits for Wales include the Chancellor’s decision to classify nuclear power as environmentally sustainable, which will help it compete with renewables for investment incentives.

More information on the long-term support for energy intensive industries would have been welcome in the Budget announcement.”

Semiconductor Strategy 

“More information on the long-awaited semiconductor strategy would help the sector keep up with growing international competition.”

Childcare

“Boosting childcare provision in England a big win for businesses struggling to recruit and retain, and parents balancing care and career needs. We want Welsh Government following the UK government’s lead on extending their childcare offering. The Welsh Government has led in this area for many years and we are keen to work with them to ensure we continue to provide the childcare support parents in Wales need.”

Tax Relief on Capital Expenditure 

“Full capital expensing will keep the Wales and the rest UK at the top table for attracting investment and puts us on an essential path to a more productive economy.”