The latest labour market statistics for Wales, covering January 2025, indicates that unemployment remains stagnant and the highest in the UK at 5.4% and has been for six consecutive months.
Wales’ employment rate remains the lowest of all of the UK nations and regions and is falling, whereas the UK rate continues to rise.
Welsh Conservatives argue that new and punitive taxes are to blame, including national insurance rises, family farm inheritance tax increases, high business rates, a reduced rate of relief from them for the retail, leisure and hospitality sector compared with elsewhere and an incoming ‘visitor levy’.
Commenting, Welsh Conservative Shadow Cabinet Secretary for Economy and Energy, Samuel Kurtz MS said:
“It is no surprise that our economy is struggling, as Wales is in desperate need of a new economic policy.
“Rather than the jobs first approach that Wales urgently requires, we find ourselves in the unfortunate position of facing punitive taxation on individuals and businesses at both ends of the M4.
“The UK Labour government’s emergency budget next week must ease the burden on Welsh businesses to unlock economic growth. Rachel Reeves’ jobs tax and family farm tax must be scrapped to restore much-needed confidence in our economy. Alongside this, Welsh Labour’s excessive business rates, the highest in the United Kingdom with lower relief, and their impending toxic tourism tax cast an even darker economic shadow over businesses in Wales.”
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