Rugby regions suffering from Labour’s interest rates
Commenting on the news that the refinanced Covid loan the WRU struck with the Welsh Government has an interest rate of more than 8% while English clubs are paying the UK Government just 2%, Shadow Sports Minister, Tom Giffard MS, said:
“The UK Government Covid support loans offered to the English Premiership were at a fixed interest rate of just 2%. For the Welsh Government to offer Covid support loans at 8% for the rugby regions is quite appalling.
“The WRU and the regions are struggling as it is, paying back millions more in high interest is going to do nothing but hinder the recovery and growth of the sport in Wales.”
Also Commenting, Shadow Economy Minister, Paul Davies MS, said:
“While the UK Government have helped out the sport industry in England with loans to keep them afloat during difficult times, the Labour Government’s interest rates indicate a shameless cash grab.
“With all of the issues facing Welsh rugby at the moment, having to pay back extortionate interest rates will pile more pressure on a recovering sport in Wales.”