MANAGED DECLINE OR PROSPERITY?

Plaid Cymru Shadow Economy Minister Rhun ap Iorwerth has vowed today that a Plaid Cymru government would write Wales's economic success story by implementing a detailed National Economic Plan unrivalled by any other party in this election. Rhun ap Iorwerth said that the Party of Wales's medium-term objective was to close the economic gap between Wales and the rest of the UK, by focusing on upskilling the workforce, creating well-paid jobs and stimulating economic growth.

Shadow Economy Minister Rhun ap Iorwerth said:

"Plaid Cymru recognises that Wales needs a strong and resilient economy in order to support our vital public services.

"To achieve this, our National Economic Plan will focus on raising skill levels, implementing an active industrial strategy and bringing forward a comprehensive plan for infrastructure investment.

"By creating 50,000 new apprenticeships, boosting innovation throughout Wales and doubling the Welsh R&D budget through our National Innovation body we will create more high-skilled, well-paid jobs.

"Plaid Cymru's National Infrastructure Commission - NICW - will be the largest infrastructure investment project since devolution, designed to transform Wales's roads, railways, schools, hospitals and homes.

"Our Wales Development Agency will help home-grown businesses succeed and boost exports, and will attract investment from around the world, reviving the globally-recognised Welsh brand.

"The Party of Wales's economic vision is unrivalled in its ambition and scope. If we are to close the economic gap between Wales and the rest of the UK it is vital that we inject new vigour into the Welsh economy.

"While Labour and the Tories are content to use our nation's poverty as a tool for political point-scoring, Plaid Cymru refuses to accept that this is as good as it gets for Wales."

INVESTING IN OUR INFRASTRUCTURE

A Plaid Cymru government will embark upon the biggest programme of reconstruction our nation has seen since devolution. We will establish a new body, the National Infrastructure Commission Wales, (NICW), an independent public corporation that will be responsible for planning, funding and delivering the aspirations set out in the National Infrastructure Investment Plan.

NICW will develop as a centre of specialist knowledge in the procurement and project management of major infrastructure projects to achieve best value for money while maximizing opportunities for Welsh firms in partnership with the National Procurement Service together with sector-specific non-profit distributing organisations.

Projects in transport, for example, will involve substantial investment in new rolling stock, creating new economic opportunities for local manufacturers for innovation and collaboration. Similarly in energy generation we will seek to maximise the proportion of the new technology that is manufactured in Wales. In housing we will support the manufacture of public rental housing in German-style house factories.

NICW will seek to arrange for the funding of these projects in a variety of different ways, including from the European Investment Bank and other European institutions, UK sources like the Green Investment bank and Infrastructure UK, working with local authorities, pension funds and other institutional investors and using long term leasing arrangements to raise funds independently of the UK Government’s balance sheet, enabling it to borrow additional funding at historically low interest rates to invest in vital Welsh infrastructure projects, creating jobs in the Welsh economy.

Investing using these sources of finance, together with those of the Welsh Government will enable us to double the current capital investment totals with an additional £1.5 billion of investment per year. The borrowing would be for long periods (e.g. 25 years) and we anticipate that the debt service ratio would be some 2.2% after five years at the end of the first Senedd term, and it is not intended that the debt service for all outstanding debt would rise above 4.5% under a long term rolling investment programme.

Our broad priorities for investment, beyond those contained in current spending plans, would include:

• housing where it would be possible for an additional 10,000 homes to be built beyond current targets, for local and affordable housing needs throughout Wales

• a comprehensive programme to improve the energy efficiency of housing in Wales with a sustained programme over the next twenty years o creating a network of local energy grids for Wales. 

• creating the south-east Metro as well as a similar Metro-style network for both north Wales and Swansea and the western valleys 

• creating a national rail link from north to south along the west Wales coast.

The Party of Wales will also expand capital investment in health to include investing in new NHS medical care homes and patient hotels, plus modern residential care facilities to be leased by local SMEs and social enterprises and education, with universal upgrading of existing facilities, new school-community hubs, together with the development of new Welsh medium schools and 3-14 and 3-19 through-schools where there is local demand.