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Welsh Liberal Democrats urge Welsh Government to implement economy boosting policies.

June 15, 2011 2:46 PM

The Welsh Liberal Democrats will today call on the Welsh Government to introduce Enterprise Zones and Tax Increment Financing to help build a strong Welsh economy. The motion to set up Tax Increment Financing, which allows local authorities to borrow money to finance new developments in their area and Enterprise Zones, which designate areas with favourable business rates where business can prosper, will be debated during opposition time this afternoon.

The UK Government has announced that 21 Enterprise Zones will be established and these will help boost economies across various regions in England.

There were no measures in yesterday's legislative statement to boost the Welsh economy.

Kirsty Williams, Leader of the Welsh Liberal Democrats said:

"The need to take decisive action to help rebuild the Welsh economy is clear. Wales remains the poorest part of the UK, the least competitive part of the UK, and unemployment remains stubbornly higher than elsewhere.

"Both policies we are calling for are tried and tested and have been shown to work when they are used properly. This is now the right time for the government to implement these policies for Wales.

"Tax increment financing works on the basis that local authorities can borrow money for a particular development, backed up against the future business rates that the development will generate. Carefully planned TIF schemes are essential. It encourages sensible and realistic developments.

"The UK government intends to introduce 21 Enterprise Zones in England, several of which have been identified already. I don't want Wales to be left behind. As a package, tax increment financing, together with enterprise zones, present local authorities with a golden opportunity to help regenerate and develop their local areas and proved much needed jobs".