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Prosperity for All: economic action plan

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From today, businesses seeking Welsh Government support will need to enter into a new Economic Contract aimed at driving fair work, inclusive growth and responsible business behaviours.
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The plan seeks to grow our economy inclusively, spread opportunity and promote well-being.

We have developed the action plan in line with Prosperity for All our national strategy. It contains actions that will work to grow the economy and reduce inequality. It has been developed to meet the needs of today and to prepare for the challenges and opportunities of the future.

Our Plan sets out our vision of inclusive growth, built on strong foundations, supercharged industries of the future and productive regions.

What are we doing?

We have been talking to businesses and organisations across Wales. We have used information from them to develop our new operating model. The model includes the new Economic Contract and the Calls to Action. Businesses will need to use this new process to access financial support from us including through the new Economy Futures Fund.

Economic Contract

Businesses seeking our support will enter into an ongoing dialogue with us through the Economic Contract

We will expect businesses to commit to:
  • growth potential 
  • fair work
  • promotion of health, skills and learning in the workplace
  • progress in lowering carbon footprint

Calls to Action

The Calls to Action identify areas where we want to work with businesses.

To qualify for business finance in the future, businesses will need to develop proposals that align to at least one of the following:
  • decarbonisation
  • innovation, entrepreneurship and headquarters
  • exports and trade
  • high quality employment, skills development and fair work
  • R&D, automation and digitalisation.

Ministerial Advisory Board

The new Ministerial Advisory Board will provide external advice and challenge to the Cabinet Secretary and will guide on the implementation of the Economic Action Plan.

For more information visit Business Wales (external link).

Document Download

Adobe PDF document
Executive summary (File size: 100KB)
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Success story - Moneypenny (File size: 169KB)
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Success story - Orangebox (File size: 106KB)
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Success story - Wealthify (File size: 94.1KB)
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This is Wales (File size: 2.62MB)