In difficult economic times, every part of the Welsh economy needs to be firing on all cylinders. Unfortunately, local authorities do not have all the powers that they need in order to stimulate the economy in their areas. The Welsh government keeps too much of that power for itself and is too remote to provide economic growth. Welsh Liberal Democrats have shown that local councils can attract investment in the local economy and support small businesses.
We would give local councils incentives to expand their economies and encourage local businesses by allowing councils to keep some of the additional business rates that they receive. We also believe it should be easier for councils to fund new developments by paying off loans from the additional business rates they receive.
Welsh Liberal Democrats have been investing in the Welsh economy. In Newport, work has begun on a major redevelopment of the city centre in order to attract bigname firms to the city; they have already attracted one large firm, creating up to 1,200 jobs. In Swansea, we have delivered progress on the SA1 development and developed a comprehensive strategy for improving the economy that will last until 2020.
We have also been supporting small businesses. In Cardiff, the Cardiff Capital Fund has been offering loans to new small and innovative businesses. This has been part of a wider regeneration of Cardiff which included completely regenerating the city centre by building a new retail centre, attracting John Lewis to the city and investing in a new library. These helped to rejuvenate the Cardiff economy and create jobs in the city.
Our approach will deliver job creation across Wales.
