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Welsh summit on economic crisis Building boosted to help economy
(about 3 hours later)
Wales' leading public figures are meeting to examine the impact of the credit crunch on the country's economy. Building programmes could be brought forward to boost the Welsh economy amid the global financial crisis.
Welsh Assembly Government ministers have called business and union leaders to the All-Wales Economic Summit at the Senedd in Cardiff Bay. Other measures include more support for businesses threatened by bankruptcy and the creation of a forum for the banking and financial sector in 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. They were among the conclusions after politicians met business and union leaders in a Welsh economic summit.
Plans to give all in Wales access to a credit union will also be unveiled. First Minister Rhodri Morgan said the summit was "remarkable" and showed Wales was "stepping up to the plate".
The assembly government has repeatedly said it will use all economic levers under its control to protect businesses and jobs. Deputy First Minister Ieuan Wyn Jones and Welsh Secretary Paul Murphy were also at the summit in the Welsh assembly in Cardiff.
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.They are looking at safeguarding key business sectors and the wider economy Mr Murphy said the summit was "unique" and an example to the rest of the UK.
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. 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 "This summit can be a model for other parts of the UK, including the English regions," he said. There will be tough conditions this winter and maybe through the whole of 2009 First Minister Rhodri Morgan
"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." Mr Jones said it showed how quickly devolved administrations could react to global economic events In a statement they agreed:
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. * close co-operation at the UK level and with administrations in Scotland and Northern Ireland;
* the creation of a forum for the banking and financial sector in Wales to provide more support for Welsh businesses;
* to speed up the way goods and services in the private sector are bought by public bodies;
* to bring forward assembly government building programmes to benefit construction companies;
* more support for businesses and workers threatened with redundancy;
* examination of European Union funding to ensure maximum impact. Martin Mansfield, general secretary of Wales TUC, who was at the summit, said: "We would like to see action, not just quarterly meetings of the summit."We are asking them to bring forward investment in infrastructure and spend more on procurement within Wales."
Kevin Chidwick, finance director of insurance firm Admiral, said he was concerned to boost the size and skill of the workforce in south Wales.
"Measures agreed here may be important in creating employment and that is good for us," he said.
Rate reliefRate relief
Mr Morgan said: "There may be issues to do with tweaking every programme we have got and re-scheduling programmes so that Wales is in good shape ready for the up-turn.
"There could be tough conditions ahead this winter and maybe for the whole of 2009." Mr Morgan and Mr Murphy published a document focusing on the economy in Wales outlining measures already in place to help businesses.
These range from schemes to help firms save money installing energy saving equipment to grants encouraging overseas investment into Wales.
Mr Murphy left the summit to attend the Prime Minister Gordon Brown's National Economic Committee, which is meeting bi-weekly.
As the credit crunch bites, shoppers are looking for bargains in charity shops
The assembly government has said it will use all economic levers under its control to protect businesses and jobs.
The assembly government has allocated more than £290m within its recent draft budget to fund the Flexible Support for Business programme which will ease access to its funding.
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.
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.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.Mr Jones also urged companies to contact Finance Wales, which puts funding and investment into small and medium-sized businesses.
As the credit crunch bites, shoppers are looking for bargains in charity shops Later Social Justice and Local Government Minister Brian Gibbons will announce plans to give people in all parts of Wales access to a credit union.
"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."
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.
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.
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.
"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."