The following is a proposal for a Member Bill tabled during the Sixth Senedd:
Proposing Member:
Title of the proposed Bill:
Economic Development (Wales) Bill
Policy Objectives of the proposed Bill:
The purpose of the Bill would be to update and develop the legislative framework underpinning economic development in Wales to drive forward economic growth and prosperity for Welsh communities and businesses.
The Bill would also aim to:
- Establish a long-term Economic Strategy for Wales to develop a clear framework for growth;
- Clarify the roles and duties of economic development institutions in Wales to provide certainty to businesses;
- Establish a new arm’s length Economic Development Agency to co-ordinate economic development and business support;
- Place the Development Bank of Wales on a statutory footing to ensure its independence from the Welsh Government, and to enable it to provide longer term business support;
- Clarify and strengthen existing economic development duties placed on some public bodies to ensure a more joined-up approach to sustainable economic development; and
- Place a duty on the Future Generations Commissioner to consider and review future threats to the Welsh economy, and to ensure that public bodies are adequately prepared to adapt and respond to future economic shocks.