FSB meeting Welsh Government

The Federation of Small Businesses Wales will today call formore financial support fromj the Welsh Government. 

 

The group wants to impress on the Secretary of State for Wales the need for any moves towards greater fiscal autonomy, including the acquisition of borrowing powers, must be matched by more effective governance arrangements within the Welsh Government.

 

The small business champion will meet with David Jones MP to ensure that any moves he facilitates towards fiscal autonomy in Wales are matched by Welsh Government action to make its spending decisions more accountable to the people of Wales.

 

The FSB will also call on the Welsh Government to establish a ‘Wales Treasury’ function to provide clear evidence of how its public spending decisions are contributing to economic development.

 

FSB Wales will state that, whilst borrowing powers for Wales are welcome, its members want assurances from the Welsh Government that its governance arrangements are transparent and will allow for robust scrutiny of how its spending results in economic growth.

 

Iestyn Davies, Head of External Affairs for the Federation of Small Businesses in Wales, said: “Our members recognise that, at present, we have a situation where the Welsh Government does not have to be wholly accountable for its spending decisions as the amount it receives from Westminster through the block grant remains largely the same, regardless of how it spends its money.

 

“Today, the FSB will tell the Secretary of State that, whilst it is fully behind Wales receiving borrowing powers, both he and the Welsh Government must recognise that this, and any further move towards fiscal autonomy, must come alongside more effective governance arrangements, such as a ‘Wales Treasury’ function.

 

“This will ensure that its powers, including those to borrow, are used in a way that is sustainable and entirely cost-effective.”