Welsh Government must compete for its share of £12bn private capital

The Welsh Government must ensure that Wales benefits from the £12bn pledged by the UK’s biggest investors for building projects, leader of the Welsh Conservatives Andrew RT Davies has said.

Taxpayer-backed Lloyds bank have unveiled a £5bn fund intended for investment in roads, railways, housing and hospitals, while Legal & General Investment Management has earmarked £7bn to support similar projects*.

In the past three years, Legal & General have already made significant investment into regeneration schemes in Cardiff.

The First Minister Carwyn Jones has frequently expressed concern over the funding Wales will receive following the UK’s departure from the EU.

Mr Davies today urges the First Minister and his government to end their handwringing and to work harder at promoting Wales’ infrastructure projects so that it can take full advantage of the billions of private capital being made available.

He said: “The First Minister has devoted much time and energy to handwringing over the EU referendum result, and its implications for funding key infrastructure projects.

“News that two major UK investors have made available £12bn in private capital is an invaluable opportunity to source alternative funding for Wales’ most urgent infrastructure projects, such as the dualling the A40 and upgrading the A55.

“The Welsh Government must ensure that it makes serious efforts to promote Wales to these investors, and secures a significant share of this capital.

“It’s high time that Carwyn Jones and his administration showed some proactivity in driving Wales forward through this unrivalled period of economic opportunity.

“Inertia and talking Wales down to US investors will do nothing to help our nation grow.

“Wales must be allowed to benefit from the confidence investors are no showing in the UK economy.”