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Welsh summit on economic crisis Welsh summit on economic crisis
(about 2 hours later)
Wales' leading public figures are set to meet to examine the impact of the credit crunch on the country's economy. Wales' leading public figures are meeting to examine the impact of the credit crunch on the country's economy.
Welsh Assembly Government ministers have called business and union leaders to the All-Wales Economic Summit at the Senedd in Cardiff Bay.Welsh Assembly Government ministers have called business and union leaders to the All-Wales Economic Summit at the Senedd in Cardiff Bay.
First Minister Rhodri Morgan will chair the meeting which will focus on the impact of the global financial turmoil and how to protect Wales. First Minister Rhodri Morgan is chairing the meeting which will focus on the impact of the global financial turmoil and how to protect Wales.
Plans to give all in Wales access to a credit union will also be unveiled.Plans to give all in Wales access to a credit union will also be unveiled.
The assembly government has repeatedly said it will use all economic levers under its control to protect businesses and jobs.The assembly government has repeatedly said it will use all economic levers under its control to protect businesses and jobs.
Deputy First Minister and Economy Minister Ieuan Wyn Jones and Welsh Secretary Paul Murphy will attend the meeting. Deputy First Minister and Economy Minister Ieuan Wyn Jones and Welsh Secretary Paul Murphy are at the meeting, along with some of Wales' top business leaders, trade unionists and representatives from businesses from all the country's key economic sectors, including construction, retail and financial services. The aim is to discuss in detail the challenges that are facing us... and to examine how we can respond further First Minister Rhodri Morgan
The summit will also involve some of Wales' top business leaders, trade unionists and representatives from businesses from all the country's key economic sectors, including construction, retail and financial services. They are looking at safeguarding key business sectors and the wider economy.
It will also look at safeguarding key business sectors and the wider economy. Speaking in advance, Mr Morgan said: "I want to hear at first hand from businesses on how the current financial crisis is having an impact on them.
'First hand' evidence
Talking about convening the summit, Mr Morgan said: "I want to hear at first hand from businesses on how the current financial crisis is having an impact on them.
"The aim is to discuss in detail the challenges that are facing us as a result of the credit crunch and to examine how we can respond further to its impact on Wales.""The aim is to discuss in detail the challenges that are facing us as a result of the credit crunch and to examine how we can respond further to its impact on Wales."
The assembly government has already started taking steps to protect the national economy and allocated more than £290m within its recent draft budget to fund the Flexible Support for Business programme which will ease access to its funding.The assembly government has already started taking steps to protect the national economy and allocated more than £290m within its recent draft budget to fund the Flexible Support for Business programme which will ease access to its funding.
Rate relief
It also recently introduced a £7m rate relief package to help smaller businesses.It also recently introduced a £7m rate relief package to help smaller businesses.
As the Credit Crunch bites shoppers have been lookign for bargains in charity shops Mr Jones said his department was looking at how the land it owns across Wales could be dedicated to the building of new affordable housing.
"One of the things we are very conscious of is the collapse in the construction industry," he said.
"What we want to do is see if we can make land available."
Mr Jones also urged companies to contact Finance Wales, which puts funding and investment into small and medium-sized businesses.
"In a few weeks time we are very hopeful that the deal we have done with the European investment bank will mean there will be an injection of £150m of funds which will be administered by Finance Wales which small companies can access."
As the credit crunch bites, shoppers are looking for bargains in charity shops
Earlier this month Mr Morgan and Mr Jones also attended a meeting of the British-Irish Council where they discussed ideas on how to deal with the current economic crisis with their Scottish and Northern Irish counterparts.Earlier this month Mr Morgan and Mr Jones also attended a meeting of the British-Irish Council where they discussed ideas on how to deal with the current economic crisis with their Scottish and Northern Irish counterparts.
The three devolved countries agreed to take a trilateral approach to their joint financial problems and will join together to try and come through their economic crises.The three devolved countries agreed to take a trilateral approach to their joint financial problems and will join together to try and come through their economic crises.
Later Social Justice and Local Government Minister Brian Gibbons will officially announce plans which will give people in all parts of Wales access to a credit union.Later Social Justice and Local Government Minister Brian Gibbons will officially announce plans which will give people in all parts of Wales access to a credit union.
Credit unions operate by members saving into a common fund which is then used to make low-interest loans to other members.Credit unions operate by members saving into a common fund which is then used to make low-interest loans to other members.
Any surplus made from the granting of these loans is then reinvested in the credit union or redistributed to the members in the form of a dividend.Any surplus made from the granting of these loans is then reinvested in the credit union or redistributed to the members in the form of a dividend.
There are more than 40,000 adult credit union members across the country with accounts totalling £16m.There are more than 40,000 adult credit union members across the country with accounts totalling £16m.
Dr Gibbons said that achieving all-Wales credit union coverage was a major milestone and he will outline how £1.75m will be invested by the assembly government.Dr Gibbons said that achieving all-Wales credit union coverage was a major milestone and he will outline how £1.75m will be invested by the assembly government.
"Due to the way in which they operate, credit unions can and do help to combat financial exclusion and rebuild consumer confidence," he said."Due to the way in which they operate, credit unions can and do help to combat financial exclusion and rebuild consumer confidence," he said.
"This is why the assembly government continues to support the movement, helping credit unions to develop and grow, to realise their full potential as social enterprises and a focus in their communities.""This is why the assembly government continues to support the movement, helping credit unions to develop and grow, to realise their full potential as social enterprises and a focus in their communities."