Plaid Cymru's Senedd manifesto presents the most detailed economic plan among the parties contesting the election, according to Dylan Jones-Evans. The document attempts to build a coherent economic philosophy around a question often avoided in Welsh politics: not just how much economic activity occurs in Wales, but who benefits and how much value remains in the country.
The party argues that Wales has significant economic capability, but too much of its economy is externally owned, profits leak out, and policy focuses on managing symptoms rather than building long-term strength. Their solution involves a more interventionist, development-oriented model with strategic public investment, active procurement use, and an institutional framework to support business growth that reinforces local communities.
National Development Agency
Central to the plan is a new business-led National Development Agency for Wales, intended to provide a clear front door for business support, promote Wales internationally, and coordinate regional economic development. Plaid recognises that economic development has lacked institutional clarity and sustained focus, though critics warn against creating another Welsh Development Agency replica.
Development Bank of Wales Reform
The manifesto also calls for reform of the Development Bank of Wales, citing a growing sense that it underperforms. To foster indigenous growth, stronger supply chains, and better-paid jobs, the review must address whether products are fit for purpose, strategic risk is adequate, and the bank reshapes the economy rather than supporting marginal activity.
Procurement and Skills
Plaid proposes raising the share of public procurement retained in Wales from 55% to at least 70%, leveraging the £8 billion annual spend. While the target's feasibility is debatable, the underlying instinct is sound, as procurement has long been treated as an administrative function rather than a strategic tool.
A comprehensive national skills audit aims to address fragmentation in provision and misalignment between policy and labour market needs, linking skills, apprenticeships, and vocational routes to sectors like renewables, digital tech, medtech, agritech, and creative industries.
Digital and Transport
The manifesto supports superfast broadband rollout, the semiconductor cluster in South Wales, digital innovation, and coherent transport planning linked to economic development. On rail, they argue Wales has been short-changed on HS2 and infrastructure classifications, though the UK Government is unlikely to change its stance.
Weaknesses and Optimism
The manifesto is less convincing on assumptions that stronger institutions, tax powers, and funding automatically yield a stronger economy. While Wales has been held back by weak tools and poor institutional design, stronger institutions are not a substitute for strategic focus on entrepreneurship, innovation, and productivity.
Proposals like the Wales Wealth Fund, greater use of pension assets, and fiscal reform depend on institutional capacity and execution that cannot be assumed, given a civil service that has served one party for over 25 years.
Despite these flaws, Plaid Cymru has produced a manifesto that grapples with the drawbacks of the Welsh economy, focusing not just on attracting activity but on building a more rooted economy benefiting residents. Whether this translates into effective governance depends on execution and the appointment of a committed economy minister.
