Funding news - 08/01/2018
Welsh Government Announces £50 Million Fund to Prepare Businesses for Brexit
The First Minister of Wales, Carwyn Jones, has announced a financial boost designed to help Welsh businesses and public services plan and prepare for Brexit.
Supported by an initial allocation of £50 million, the EU Transition Fund is to be developed in partnership with the private and public sector with the aim of providing tailored support as the UK prepares to leave the EU.
The fund will offer a combination of financial assistance and loan funding, and will support the provision of technical, commercial, export-related and sectoral-specific advice for businesses. In addition, it will be designed to help employers retain and continue to attract EU nationals to Wales.
As part of the package, dedicated development support will be offered to Wales' agricultural industry as it prepares for transition and the future once the UK has left the bloc.
The programme is supported by an initial £10 million down payment in the 2018-19 final budget. It builds on £5 million allocated for Brexit preparedness over 2018-19 and 2019-20 as part of the two-year budget agreement with Plaid Cymru.
First Minister Carwyn Jones said:
"Brexit poses different challenges and opportunities for each and every aspect of Welsh life – from our local businesses and major employers, to our farmers, hospitals and universities.
"The EU Transition Fund will help meet the challenges that lie ahead. It will provide targeted and innovative support, which will help them survive and, indeed, thrive outside the EU.
"I am making an early announcement about this fund, so we have the greatest opportunity to design this fund with those organisations and businesses it is intended to help.
"My priority is to ensure Wales is in the best possible position to deal with the challenges and opportunities ahead. As a government, we are committed to providing solutions which work for Wales and we will continue to work with partners to make the most of every opportunity."
Source: Welsh Government, 08/01/2018