Wales pledges £50m to prepare businesses for Brexit

THE Welsh Government has announced an initial £50million fund to help businesses and public services plan and prepare for Brexit.

The EU Transition Fund will be developed in partnership with Welsh businesses, public services and other key organisations, to provide tailored support as the UK prepares to leave the EU. The fund will provide a combination of financial support and loan funding, and will help with the provision of technical, commercial, export-related and sectoral-specific advice for businesses.

In addition, the EU Transition Fund will be designed to help employers retain and continue to attract EU nationals, who make a crucial contribution to Wales. The fund will underline Wales’ welcome to people from other countries who have made it their home.

It will also provide dedicated development support for Wales’ agricultural industry as it prepares for transition and the future once the UK has left the EU.

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.

“My priority is to ensure that Wales is in the best possible position to deal with the challenges and opportunities ahead.”