Written question WQ98767
- Asked by
- Llŷr PowellReform
- To be answered by
- Cabinet Minister for Enterprise, Connectivity and Energy
- Tabled
- Due
- Answered
- Time to answer
- 13 days
Question
What assessment has the Welsh Government made of the levels of business confidence in Wales, particularly among small and medium-sized enterprises?
Answer
Answered by Cabinet Minister for Enterprise, Connectivity and Energy (Adam Price)
The Welsh Government continually monitors business confidence in Wales, drawing on a range of quantitative and qualitative sources, including the ICAEW Business Confidence Monitor for Wales, ONS Business Insights and Conditions Survey, intelligence from Business Wales, the Development Bank of Wales (including its Economic Intelligence Wales publication), local authorities, and regular engagement with business representative bodies.
Taken together, these sources suggest that global economic conditions are weighing on business confidence in Wales, and across the UK - particularly among smaller firms. These businesses tend to have less capacity to absorb higher financing and energy costs. However, the evidence also points to areas of resilience, including continued trading activity, improved sales growth, positive expectations among a proportion of Welsh businesses, and ongoing demand for external finance.
The Welsh Government will continue to monitor these indicators closely and use them, alongside direct engagement with SMEs, to inform our approach to supporting a resilient and competitive economy in Wales.