A Post Brexit Economy for Wales

3 August 2016

 Yesterday the Bevan Foundation published a short paper setting out an agenda for principles and key actions which should underpin Wales’ future as we withdraw from the EU and respond to the risks and opportunities ahead.

The report outlines a strategy for the economy, jobs, environment, public finances, government and society.

Speaking on behalf of the Gwent Green Party, Pippa Bartolotti said, “This report sets out in general terms the fair and prosperous nation Wales can be post Brexit. It lacks flesh on the bones, but the ideas are clear and mostly achievable.

“One clear way forward is to place our economy on a sound platform of renewable energy as the Bevan Report suggests. Wales can more than fulfil its obligations to cut carbon emissions, but this can only be achieved by making money available to investors both small and large.

Pippa Bartolotti added “The £500m being borrowed to finance the wasteful and misguided M4 Black Route, for example, uses all our borrowing powers at once, with no tangible return on investment, worse, the ongoing maintenance costs will be high. It makes much more economic sense to use that money to provide the basis for a pot of money – let’s call it the Renewables Investment Fund – to incentivise the Welsh renewables industry. These investments would provide a good rate of return, allowing the pot to grow, and to widen the uptake of projects, providing thousands of new jobs and new businesses. It would also help us reduce harmful carbon emissions, and provide a welcome legacy of sustainability and economic stability for future generations."

The renewables industry has been hit in previous years by the reduction of feed in tariffs, bringing this clean industry almost to its knees. A Renewables Investment Fund would deal with the main aspects of job creation, the environment, and public finances.

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