UNCERTAINTY over the impact of Brexit on the Welsh and UK economies extended to a panel of experts addressing the first session of this year’s Cardiff Book Festival at the capital’s Angel Hotel.
Sponsored by Quantum Advisory, the “Boom, Bust and Brexit: The Welsh Economy Debate 2017” covered a range of topics, including current economic conditions, the impact of Brexit, and the impact of devolution on Wales 20 years to the week since the historic “Yes” vote.
A panel comprising Chris Sutton (JLL) Debra Barber, chief executive of Cardiff Airport, Bethan Darwin (Thompson Darwin) and Raj Aggarwal (business owner and India’s Honorary Consul in Wales) disagreed on the ongoing impact of Brexit uncertainty – but all agreed that now was the time for Wales to develop and grow its economy.
Bethan Darwin said that despite Brexit, she was seeing a ‘business as usual’ approach among her clients, particularly in London: “I can confirm that a money tree does indeed exist in London. There is a lot of money around, with people looking to invest in new opportunities.”
Debra Barber, whose airport recently agreed a deal with Qatar Airways to operate flights in and out of Cardiff, said she sensed a positive atmosphere, with the local business community showing a resilience and robustness.
Chris Sutton said he sensed businesses were deferring investment decisions for the first time in some time, while Raj Aggarwal said the low rate of Sterling was squeezing profit margins for businesses like his who export.
“We need clarity around Brexit, we need trade deals. A hard Brexit will be extremely damaging,” said Mr Aggarwal.
In terms of the impact of 20 years of devolution, Bethan Darwin said its impact had been extremely positive for the Welsh capital, but at the expense of other regions of Wales.
“The industrial heartlands such as the Rhondda have fallen behind and are not benefitting from any economic resurgence.”
Referring to the proposed M4 relief road and Metro, Raj Aggarwal said the time for talking about major infrastructure projects had to stop, and the building had to start: “These types of projects take so long to build – let’s get on with it.”
Debra Barber applauded the decision by the Welsh Government to buy Cardiff Airport in 2013, and said the ability to approach and discuss issues with politicians made it easier to do business with government.
Chris Sutton said there remained too many local authorities in Wales, and that growth was going to come from regional strategies such as the city deals for Cardiff and Swansea: “These are a catalyst and a way forward for joined-up, regional thinking.”
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