Plaid Cymru welcomes Mutual Investment Model but urges Government to go further

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Responding to the Welsh Government’s statement announcing the creation of a Mutual Investment Model, Plaid Cymru’s Shadow Cabinet Secretary for the Economy, Adam Price AM, urged the Finance Secretary to “go further and faster” and show more ambition with the level of investment.

Mr Price referenced that the Scottish Government invests the equivalent of 4.5% of its overall budget in its equivalent scheme, compared to the 1% the Welsh Government proposes to invest.

The Carmarthen East and Dinefwr AM told Assembly Members that the Welsh Government should look at how Wales can continue to benefit from a relationship with the European Investment Bank and explore how a similar model can be created in Wales.

Responding to the Welsh Government announcement, Adam Price AM said:

“In broad terms Plaid Cymru welcomes the mutual model as a tool to expand our capacity to invest in much needed infrastructure across Wales.

“But, whilst we are supportive of the model, we would urge the Welsh Government to go further and faster.

“In a country like Wales in which some of the most basic infrastructure – the ability to traverse one’s country by rail from north to south – is missing, let alone the kind of infrastructure one needs and expects in the 21st century, the Welsh Government must maximise every opportunity to increase levels of investment in our nation’s foundations.
“Going further means exploring how we can maximise the opportunities of Welsh pension funds can bring as part of this investment model, and increasing the initial level of investment.

“Plaid Cymru Ministers between 2007 and 2011 blocked the Welsh Government from entering into costly private finance initiatives. This sound policy gives today’s Welsh Government greater scope to invest over and above the 1% it currently proposes.

“We have the ability to develop the Wales we all want to see. We’re off to a good start with today’s statement, but we need to see a greater level of ambition from Welsh Ministers.”

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