Wales is setting an ambitious target to close its productivity gap with the rest of the UK within the next decade, as the Welsh Government unveils a new economic mission aimed at boosting wages, supporting business growth and strengthening communities.
Speaking in the Senedd, Cabinet Minister for Enterprise, Connectivity and Energy Adam Price outlined plans to halve the nation’s productivity gap, which currently sits around 15% below the UK average. The strategy will focus on helping businesses scale up, attracting investment and creating a skills system designed to support long-term career progression.
The new approach will be delivered in partnership with businesses, trade unions, regional stakeholders and the UK Government, with a specific focus on supporting firms to scale so they can compete in high-value markets.
This will be supported by a reformed skills system that equips people not just for work, but for progression.
Adam Price, the Cabinet Minister for Enterprise, Connectivity and Energy, said:
“Today we announce a National Productivity Goal to close the gap with the rest of the UK and help unlock the full potential of the Welsh economy.
“For too long, Wales has struggled to close the gap with the rest of the UK when it comes to productivity. Announcing this target today shows our clear commitment to improving the lives of people living in Wales.
“By focusing on productivity, we will deliver higher pay, stronger businesses and thriving communities.
“This goal will give direction to our new Welsh innovation and development agency, shaping how we support businesses, develop skills and invest in the foundations of a stronger, more competitive Welsh economy.
“We are determined to turn ambition into action, creating a stronger, more productive economy that delivers for people in every part of Wales.”
