logo
#

Latest news with #Invest2035

Revisiting the Past, Planning for the Future
Revisiting the Past, Planning for the Future

Business News Wales

time22-07-2025

  • Business
  • Business News Wales

Revisiting the Past, Planning for the Future

What if the key to revitalising a small nation's economy lies not in a bold new idea, but in revisiting a proven one from the past? Across three decades, one small agency in Wales was responsible for attracting over £11 billion in investment, equivalent to around £19 billion today. That agency was the Welsh Development Agency (WDA). Despite its controversial end marked by poor leadership and a lack of oversight, the WDA helped shape modern Wales. From attracting major players like Sony, Bosch, and Hoover, to supporting home-grown successes such as Admiral and the National Botanical Gardens, the WDA's legacy still looms large. As we grapple with economic uncertainty and regional inequality, is it time to ask: how does regional development work today, and what could we learn from the WDA to better shape the future? This blog explores how economic growth strategies have evolved in Wales and how the proposed Invest 2035 vision could bring about a new era of transformation. A Tale of Two Approaches: The WDA and What Followed From 1976 to 2006, the Welsh Development Agency helped bring billions of pounds in investment and thousands of jobs to Wales. In its prime, it was bold, agile, and commercial hallmarks of a hands-on economic revival model. Since its closure, regional development has taken a more bureaucratic and politically integrated path, more strategic perhaps, but arguably less impactful on the ground. The WDA was one of several regional development agencies (RDAs) in the UK and Ireland alongside Scottish Enterprise, Invest Northern Ireland, and Enterprise Ireland created to tackle regional economic disparities and drive national prosperity. Their core functions included: Generating economic growth and jobs Attracting inward investment Supporting local businesses and innovation Developing infrastructure and land Growing skills and workforce potential Addressing regional inequalities Driving long-term strategic planning Leveraging pre-Brexit EU and national funding Established under the Welsh Development Agency Act of 1975, the WDA aimed to reverse the decline of Wales' ailing economy following the gradual decrease in, coal, steel, and heavy industries due to lack of global competitiveness and better understanding of pollution. The WDA was created with the following aims: Promoting economic development Enhancing industrial competitiveness Creating and safeguarding jobs Improving the physical environment But in 2006, the WDA, along with ELWa (Education and Learning Wales) and the Wales Tourist Board was dissolved and absorbed into the Welsh Assembly Government (now the Welsh Government). Since then, various bodies like Invest Wales, the Development Bank of Wales, Business Wales, the four regional growth deals and investment zones have inherited elements of its mission. However, their fragmented nature and disconnected structures have made it difficult to fully track impact. The Context Then—and Now By the 1970s, Wales faced an economic crisis. Its reliance on declining heavy industries had led to unemployment, emigration, and stagnation. The WDA's closure decades later came amidst concerns over governance: poor procurement practices, leadership failures, and inadequate oversight. Yet these issues were not insurmountable, they highlight the need for strong leadership and robust accountability in any new arm's-length body. What's striking is how familiar today's challenges feel. Deindustrialisation's legacy is still affecting Welsh communities, and the need to bring new industries and anchor companies to Wales remains as urgent as ever. Let's compare the two models we've experienced: This dual experience offers Wales a unique vantage point: an opportunity to blend what worked with what's needed now. Lessons from the WDA: What Still Matters Today The WDA may belong to the past, but the challenges it endeavoured to overcome, economic transition, job creation, and community regeneration are still with us. As we look to the future with strategies like Invest 2035, the new UK industrial strategy, the WDA's history offers vital insights and lessons from the past. Here they are split into two categories of economic development and governance of public bodies. Economic Development 1. Strategic Autonomy Drives Impact Success requires freedom to act. The WDA thrived because it had statutory powers and operational independence, allowing it to move quickly and adapt to change. Today's more bureaucratic processes often hinder such agility. 2. Inward Investment Works, but must be balanced Foreign investment can spark transformation—but not without risks. While companies like Sony and LG brought jobs and profile, many left when conditions changed. A renewed agency must strike a balance between attracting FDI and supporting home-grown enterprises. 3. Place-Based Development Delivers Results The WDA didn't just write strategies, it changed landscapes. From revitalising Cardiff Bay to restoring valley towns, its work was visible and practical. Today's more remote planning structures often miss this kind of tangible impact. Governance of Public Bodies 1. Clarity of Purpose is Crucial A clear, legally defined mandate like the WDA's in 1976 builds legitimacy. But this must be paired with transparency and minimal political interference to maintain focus and effectiveness. 2. Independent Yet Accountable Structures Work Best The WDA's semi-autonomous model allowed for innovation, but over time, concerns about oversight emerged. The lesson? Independence needs robust scrutiny and accountability, not micromanagement. 3. Merging into Government Dilutes Impact While integration can reduce duplication, it often stifles innovation, reducing agility and responsiveness. The Present Challenge: Fragmentation and Confusion Today, Wales faces a complex web of more than 50 business support and membership bodies focusing on manufacturing and energy alone. each with its own remit, often disconnected from each other. Meanwhile, advisory roles are spread across groups like the Future Generations Commissioner, the National Infrastructure Commission, and the long-standing (but little-known) Wales Investment Development Advisory Panel (WIDAB). WIDAB created under the same Act as the WDA is still operating. In contrast, Scotland and Ireland have shown the power of unified, one-stop development hubs. A modernised Welsh Development Agency could serve the same purpose: a single gateway for investors to understand land availability, funding, talent, infrastructure, and cultural context all in one place. What Comes Next? The new UK Industrial Strategy presents a timely opportunity. A reimagined WDA, let's call it WDA 2.0 (or Menter Cymru?) could combine the best of Wales' past and present approaches to economic development, driving Invest 2035forward. 5 Ways WDA 2.0 Can Deliver Invest 2035: 1. Turn Strategy into Local Action Adapt UK-wide priorities to local Welsh needs Create tailored regional plans (e.g., green energy in Anglesey) Link SMEs to national funding streams 2. Act as a One-Stop Investment Hub Market Wales globally in target sectors Provide ready-made investment packages De-risk projects with co-investment and infrastructure prep 3. Manage Strategic Sites and Infrastructure Identify and prepare high-potential industrial land Accelerate planning and utilities coordination Lead redevelopment in priority zones 4. Support Innovation and R&D Build public–private–academic partnerships, develop close relationships with our universities Grow clusters in agri-tech, advanced manufacturing, and AI Provide support services—skills, incubation, funding access 5. Ensure Accountability and Regional Balance Track results by region: jobs, emissions, investment Prioritise equitable distribution beyond southeast Wales Report transparently to government and citizens Final Thoughts: WDA 2.0 As Wales approaches another pre-election cycle, voters and businesses alike will ask: how will economic growth be delivered in my community? Where are the jobs? How do we attract the infrastructure and companies we need? It may be time for a new age of regional development in Wales, one where we take the best bits of both the independent and government led models and ditch the bad, one that's independent but accountable, place-based but globally minded, rooted in Welsh values but fit for a digital, green, innovation-driven world. If we're serious about shaping a prosperous future for Wales, we need more than just ambition—we need the right tools. A revitalised and modernised WDA could be one of them. Is it time to get started?

Why are there concerns for Scotland over Labour's Invest 2035
Why are there concerns for Scotland over Labour's Invest 2035

The Herald Scotland

time16-07-2025

  • Business
  • The Herald Scotland

Why are there concerns for Scotland over Labour's Invest 2035

The warning arrives as uncertainty grows around the future of Ferguson Marine, the last remaining commercial shipyard on the River Clyde. The nationalised firm has struggled with delays and cost overruns surrounding the MV Glen Rosa—a ferry years behind schedule and massively over budget. Until recently, it had just that single contract left, placing its long-term survival in jeopardy. What is Invest 2035? The strategy was formally launched on 23 June 2025, following a public consultation that began in October 2024 with the release of a Green Paper. It was introduced to reverse years of low productivity and weak investment across the UK, provide long-term stability and end the 'policy merry-go-round' that businesses have faced and create a credible 10-year plan to boost growth, tackle regional inequality, and support high-potential sectors. READ MORE by Martin Williams UK maritime trade group urges 'buy British' to prevent erosion of Scots industry Row over ScotGov failure to track jobs supported by public millions 'Shut it down' demands as Scotland's last nuclear plant breaches a safety limit Union seeks more public money support for bus firm looking to move to England It is also seen as a response to the global challenges like the net zero transition, AI and automation, and changing trade dynamics. What are its main targets? It aims to drive sustainable, inclusive, and resilient growth across the UK, increase business investment and attract international capital. It also hopes to support high-quality, well-paid jobs in key sectors. It has a focus is on eight growth-driving sectors: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services. There is a hope of doubling business investment in advanced manufacturing and clean energy by 2035. There is a plan to train one million young people in tech skills by 2030 and boost AI research twentyfold while expanding clean energy investment and growing business investment in creative industries to £31bn It also plans to support regional growth through city-region clusters and strategic hubs and establish a statutory Industrial Strategy Council for oversight and long-term stability as well as accelerating international investment. What are the further concerns of the SMI? The SMI has warned UK ministers that shipbuilding and marine engineering on the Clyde and at Rosyth remain 'vulnerable to international competition,' dominated by state-backed foreign shipyards with easier access to funding and demand. They say this threat will persist unless supported by 'strategic sovereign procurement' — a policy that prioritises buying from domestic firms to boost local jobs and industry. (Image: Andy Buchanan/PA) It said that North Sea oil and gas sector is in 'structural decline' due to decarbonisation, ageing fields, and falling fossil fuel investment, with major impacts expected in Aberdeen and nearby areas. And they say a managed shift to renewables is vital to protect jobs and industrial capacity. And it elt that Aberdeen must win UK wind farm contracts to preserve sovereign energy capability. And the key risk, they warn, is not the transition itself, but failing to equip Scottish communities with the skills, investment, and support needed to adapt. What does the UK Government say about the plan? When the business secretary Jonathan Reynolds introduced the new industrial strategy Green Paper, he described it as 'the UK's modern industrial strategy' aimed at channelling long‑term investment into 'growth-driving sectors' to 'spur growth, spread wealth and drive up employment across all four nations of the UK' He emphasised the importance of the workforce, stating the approach will 'invest in British people to power industrial strategy,' with a £275 million package supporting skills training in areas like engineering, programming and manufacturing to plug growing skills shortages. Keir Starmer (Image: Jonathan Brady) Prime Minister Keir Starmer said the strategy represented a 'targeted, long‑term plan,' marking a break from short‑term policymaking and "sticking plasters of the past". He said: "In an era of global economic instability, it delivers the long term certainty and direction British businesses need to invest, innovate and create good jobs that put more money in people's pockets as part of the Plan for Change "This is how we power Britain's future - by backing the sectors where we lead, removing the barriers that hold us back, and setting out a clear path to build a stronger economy that works for working people. Our message is clear - Britain is back and open for business."

'Mass deportations' march in Glasgow to be met with counter protest
'Mass deportations' march in Glasgow to be met with counter protest

The Herald Scotland

time16-07-2025

  • Politics
  • The Herald Scotland

'Mass deportations' march in Glasgow to be met with counter protest

It has described it as a 'mass deportation rally' and expects around 200 participants to join. Meanwhile, Stand Up to Racism is organising against the march. The group will gather at George Street, and a march is planned for Montrose Street, Cochrane Street, George Square (South), St. Vincent Place, St. Vincent Street, up West Nile Street, round Nelson Mandela Place, and back into West George Street, George Square (North), George Street, High Street, Castle Street before ending at Glasgow Cathedral. However, the nature of the event and public comments by the organisers have led to a counter-demonstration being planned to halt the march. Stand Up to Racism has urged supporters to tell Ukip it is not welcome in Glasgow or Scotland. Read More Glasgow City Council increase 'drug litter patrols' near Safe Consumption Room Why are there concerns for Scotland over the Labour government's Invest 2035 Let the talking begin: but shouldn't Scotland be able to foot the Trump police bill? Ukip has never had any elected representatives in Glasgow and at the General election last year, it did not stand any candidates in the city. The party's latest leader, Nick Tenconi, has organised what it billed as a 'mass deportations tour' in cities across the UK, including Nottingham , Liverpool Newcastle and London In a social media video, he states: 'Illegal immigration is one of the greatest threats to the British people'. He advocates 'teams of men' going to France to 'intercept and destroy the boats' and calls for 'English patriots' to donate 'English pounds' to "support my mission'. The rally has led to Stand Up to Racism organising to counter a group they say is aligned with far-right activist Tommy Robinson. On its social media, it states: 'Tenconi is a fascist who is trying to radicalise what is left of UKIP, allowing fascist elements to dominate it and trying to build up a group of street thugs to intimidate ethnic minorities, trade unionists and the left. We won't let them! 'They called their tour just days after a far right, "Great British National Strike" protest of over 200 assembled in the heart of Glasgow, waving Free Tommy Robinson' flags and making Hitler salutes.' The group said Ukip is looking to capitalise on Reform UK's election success. It added: 'As we have successfully done on several occasions recently, let's mobilise to show them a majority of us in Glasgow oppose them and that we say refugees and migrants make Glasgow.'

Trade group warns of hit to Scotland from Labour's Invest 2035 plan
Trade group warns of hit to Scotland from Labour's Invest 2035 plan

The Herald Scotland

time16-07-2025

  • Business
  • The Herald Scotland

Trade group warns of hit to Scotland from Labour's Invest 2035 plan

They warn that the strategy "does not fully reflect Scotland's unique industrial profile or specific challenges communities" and "lacks specific mechanisms for supporting regions heavily exposed to oil and gas decline". It also comes as concerns continue to surface over the future of the last remaining commercial shipyard firm on the Clyde, the nationalised Ferguson Marine which has until recently and just one contract remaining on its books - to finish the long-delayed and wildly over-budget ferry MV Glen Rosa. READ MORE by Martin Williams Why are there concerns for Scotland over the UK Government's Invest 2035 'Shut it down' demands as Scotland's last nuclear plant breaches a safety limit Union seeks more public money support for bus firm looking to move to England Row over ScotGov failure to track jobs supported by public millions The yard's business plan to 2029 had assumed that it would get a direct award for the Scottish Government's small vessel replacement programme. But the Scottish Government decided this was not possible due to UK subsidy laws and the yard lost out to Polish firm Remotnowa on the first phase of the programme to deliver seven ferries. Sir Keir Starmer launched Invest 2035 (Image: Simon Dawson / No 10 Downing Str) Inverclyde MP Martin McClusky has been further urging the Scottish Government to award the contract for a future replacement for the ageing MV Lord of the Isles directly to Ferguson Marine. The SMI has warned UK ministers that traditional shipbuilding and marine engineering, particularly on the Clyde and Rosyth will remain "vulnerable to international competition" which they say is dominated by state-owned and state-supported shipyards with "readier access to finance and cyclical demand unless underpinned by strategic sovereign procurement". Sovereign procurement is a strategic approach where purchases are made with the explicit goal of benefiting the nation or local economy and often involves prioritising domestic businesses, including small and medium enterprises (SMEs), and supporting local industries and jobs. It pointed out that the sector was once the global leader centred around the Clyde, but had declined rapidly from the 1960s onwards due to global overcapacity, the size of vessels required in the market outgrowing UK yards, the cost of competition from East Asia and also a "lack of state support, and underinvestment in innovation and productivity". HMS Glasgow is manoeuvered onto a barge at the BAE Govan shipyard in Glasgow (Image: PA) It said: "Transition was not effectively managed, leading to a collapse in employment, decimation of skills, and widespread economic deprivation in riverside communities. Defence contracts have revitalised the sector but at a different scale to pre- and post-war years." And it added in an analysis: "Without sustained investment in shipyard modernisation and green vessel innovation, the sector risks further erosion." It said that the North Sea oil and gas industry was entering a "structural decline" due to decarbonisation, maturing fields and shifts by investors away from fossil fuels and that it was crucial that UK wind farms bought British. It said the transition would have a "profound impact on Aberdeen and surrounding areas, affecting supply chains, services and skilled employment. They said: "While the energy sector is pivoting towards renewables, a managed transition plan is essential to retain industrial capacity and employment. It is essential for ports like Aberdeen to win renewables work with UK windfarms, if the UK wants to maintain its sovereign capabilities in these crucial sectors." But they warned that the "key risk" was not in transitioning, but in "failing to equip Scottish communities and firms with the tools, skills and investment to navigate it successfully. A place-sensistive, sector-specific response is needed". It said that while the ambition of Invest 2035 was to drive growth, productivity and innovation across the UK, the strategy "does not fully reflect Scotland's unique industrial profile or the specific challenges facing its coastal and energy-transitioning communities". It said that while the strategy references a shift to Net Zero, it "lacks specific mechanisms for supporting regions heavily exposed to oil and gas decline, such as north-east Scotland". The SMI added: "Despite Scotland's significant shipbuilding, port, and marine technology capabilities, the maritime sector is underrepresented in Invest 2035's eight growth-driving sectors. This risks overlooking critical opportunities for coastal regeneration, sovereign manufacturing, and decarbonisation leadership. "Scotland is well placed to contribute to the UK's global competitiveness in maritime defence, offshore renewables, and digital ocean infrastructure. Invest 2035 should embed export-oriented growth strategies for these subsectors and provide a framework for long-term sovereign procurement that supports Scotland's shipyards and marine engineering firms. Nicola Sturgeon at Ferguson Marine (Image: PA) "In summary, Invest 2035 requires greater regional tailoring, stronger maritime inclusion, and deeper integration with Scotland's economic strategies to realise its full potential north of the border." Analysis from the Robert Gordon University last month warned that the oil and gas industry could lose up to 400 jobs every two weeks for the next five years unless action is taken. It says that the UK risks losing tens of thousands of offshore energy jobs by 2030 unless urgent and coordinated action is taken immediately. It is estimated that 43% of the UK's oil and gas jobs are in Scotland. Demands have been made for an independent public inquiry as it was claimed hundreds of millions of pounds of taxpayers money has been 'lost' by a 'scandalous' ministerial failure to properly consider a Clyde shipbuilding revolution. Ministers have given the nod to contracts to build 13 ferries in the past decade, pushing a billion pounds with only one so far delivered and the responsibility for only two given to Scottish firms. The cut price catamaran ferry revolution which promised to create and secure hundreds of Scots jobs and save state-controlled Scots shipyard firm Ferguson Marine while helping solve the nation's ferry crisis involved the creation of a fleet of 50 catamarans. It was part of an £800 million scheme - a fraction of the cost of those currently being built. The proposal works out at £16m per catamaran while the cost of the Scottish Government's 13 is at around £70m to date. It was envisaged that the major catamaran project would be based at nationalised Ferguson Marine, Inchgreen dry dock in Inverclyde and Govan dry dock. A UK Government spokesman said: "Our commitment to shipbuilding was made clear when we secured a deal to save thousands of jobs at Harland and Wolff, including in Scotland, ensuring future investment in the industry." 'Our Modern Industrial Strategy will go even further to ensure a bright future for Scottish shipbuilding with lower energy costs, major infrastructure investment and strengthened skills and innovation as part of our Plan for Change.' Deputy First Minister Kate Forbes said the Scottish Government agreed that Scotland must receive a fair share of spending, including on naval shipbuilding, "at which we have proven expertise". She added: 'The shipbuilding sector plays a vital role in supporting jobs and driving economic growth across Scotland. We are committed to promoting manufacturing and innovation and continue to engage with businesses in the sector as part of that commitment.'

Powering growth and shaping industrial future
Powering growth and shaping industrial future

Scotsman

time17-06-2025

  • Business
  • Scotsman

Powering growth and shaping industrial future

When local vision meets national support, great things can happen, says Dean Cook Dean Cook looks at the fruits of The UK Government's Innovation Accelerator programme for Scotland and beyond Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... As the UK sharpens its focus on long-term growth and economic resilience, a quiet revolution is already underway in the regions. The UK Government's Innovation Accelerator (IA) programme, launched as a pilot just two years ago, had a clear aim - empower regions with high potential to co-create solutions tailored to their local strengths and opportunities. Now with impressive impacts emerging from the pilot, it's clear that this place-based innovation model is working - and it's working fast. Designed to drive growth in areas with globally competitive R&D strengths, the IA programme gave trailblazers in Glasgow City Region, Greater Manchester and the West Midlands the power to co-create innovation strategies tailored to local strengths and economic opportunities. The aim was not just to deliver outcomes locally, but to demonstrate how innovation at the regional level can directly support national priorities. Highly relevant as the UK Government's Modern Industrial Strategy (Invest 2035) unfolds. Advertisement Hide Ad Advertisement Hide Ad And it's working. Early indicators show the programme has already delivered over £140 million in co-investment and created up to 250 full-time-equivalent high-value jobs across future-critical sectors including quantum computing, advanced diagnostics, health innovation, space, and clean transport. Real-world innovations, real companies, and real jobs powering up local economies. Glasgow is benefiting from the Critical Technologies Accelerator (Picture: Adobe) Take the Clean Futures programme in the West Midlands. Projects like a next-gen EV battery coating and Moonbility's AI-powered 'digital twin' for rail disruption are already pushing UK firms to the forefront of net zero and transport innovation. In Greater Manchester, the Centre for Digital Innovation spans all ten boroughs, while the Turing Innovation Catalyst is building AI skills for women - embedding inclusion into the very heart of the region's digital economy. In Glasgow, the Critical Technologies Accelerator has spun out two cutting-edge quantum firms: Kelvin Quantum and Quantcore - advancing technologies that underpin next-generation computing infrastructure. These projects show how innovation accelerators aren't just transforming regional economies, they're positioning the UK as a global leader in strategic technologies. What's key here is not just the 'what', but the 'how'. Innovate UK has been at the forefront of championing the potential of place-based innovation. This pilot took that belief further - creating a new model of shared investment, where national ambition meets local insight and leadership. Local action plans developed by each region have played a central role, articulating long-term strategies built on evidence, collaboration, and the unique assets of each place. These plans are now live and in delivery, providing the framework for sustained impact over time. Advertisement Hide Ad Advertisement Hide Ad Crucially, this programme aligns strongly with the Government's vision in Invest 2035: a modern industrial strategy that is focused on unlocking growth through strong institutions, technology leadership, and place. The Innovation Accelerators bring this to life, enabling local institutions to lead, anchoring world-class research in practical outcomes, and building stronger, more resilient local economies that feed into national success. Our role at Innovate UK is to connect these established and emerging clusters to national strategy, global networks, and each other. We're using insights from the Innovation Accelerators to inform wider investment decisions, share what works, and build an innovation ecosystem that is both locally grounded and globally competitive. The Innovation Accelerator programme is showing us what's possible when local vision meets national support. And we are just getting started. An initial £100 million investment has already been extended by a further £30 million for 2025/26, reflecting the growing confidence in this model. What began as a pilot is fast becoming a blueprint for regional innovation, helping to shape the future of the UK's industrial strategy and delivering on the UK Government's growth agenda.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store