A SET of economic indicators released this week show clearly why the Welsh Government needs to adopt a new economic strategy, Plaid Cymru’s Shadow Finance and Economy Minister Adam Price has said.
Figures released by the Office of National Statistics show that Gross Disposable Household Income (GDHI) per head in Wales is now at its lowest level since 2002 compared to the rest of the UK, 14.8% lower than the UK average.
GVA figures show that Welsh workers continue to earn nearly £100 per week less than the UK average.
Figures also show that no other part of the UK is more reliant on benefits and pensions for household incomes than Wales, with a total of 24.1% of the income of the people in Wales reliant on this form of income.
Adam Price said that the Welsh Government should cast aside its legacy of failure and bring forward a new economic strategy with a focus in creating jobs by investing in infrastructure and improving procurement practices, and should work to regenerate the Welsh economy through a new WDA.
Plaid Cymru Shadow Finance and Economy Minister Adam Price said:
“This week’s latest evidence shows that successive Labour governments have failed to deliver. Wales is poorer than other UK nations and more reliant on benefits.
“Back in 2012, the Welsh Government stated they favoured the use of Gross Disposable Household Income as the key measure of Wales’ economic performance, believing it gives a better reflection of people’s real wealth. Therefore by the government’s own definition, it is well and truly failing the Welsh economy.
“It is now high time for a new economic strategy for Wales that supports business, fosters a spirit of entrepreneurship in our communities, and creates the skilled jobs that will leave working families better off.
“Plaid Cymru wants to see us create jobs by investing in transport and technological infrastructure, and using public money better to support Welsh jobs. And we want to establish a new WDA – a body to sell Wales to the world, and avail the business acumen the civil service lacks.
“As a nation, we now need to be bold, courageous and innovative in formulating a long-term economic strategy for our nation to close the prosperity gap with the rest of the United Kingdom.”