It again shows that Wales has leadership which is standing up for ordinary working people, while the UK Government continues to plough ahead with unfair public spending cuts and lets the banking sector off the hook. In contrast strong social partnership between the Wales TUC, the business sector, public sector employers and the Welsh Government is saving jobs and services in the face of UK Government cuts.

First Minister of Wales Carwyn Jones AM said:

“Some parts of the financial services industry bear a share of responsibility for our current economic difficulties. I am not anti-banking and I am not negative towards the responsible financial services industry. On the contrary, finance is an important sector of our economy and I want to work with the sector to bring more finance jobs to Wales. But I think a Robin Hood Tax – a tax on financial transactions – set at the right level, is perfectly reasonable and offers an important practical way for the finance industry to demonstrate its contribution to society.

Social responsibility is well understood in Wales and I am confident that people across the country, and across the political spectrum, will endorse this tax.”

The Wales TUC welcomes Carwyn’s support for the Robin Hood tax at a time when the UK Government continues to plough ahead with unfair public spending cuts and let the banking sector off the hook for the financial crisis. It again shows that Wales has leadership which is standing up for ordinary working people while the UK Government continues to plough ahead with unfair public spending cuts and lets the banking sector off the hook. Signing the UK up would boost the Robin Hood Tax and raise around £35bn a year to combat poverty, invest in green jobs and help pay off the deficit.

‘Jobs Growth Wales’ will create at least 4,000 new job opportunities a year across Wales for unemployed young people, aged 16-24. Other programme strands will target help to graduates and assist micro businesses to grow as well as creating jobs within the green energy sector, helping to meet the Welsh Government’s commitment to reducing carbon emissions.

A pilot scheme will be run this autumn to test the approach within the private sector with full implementation from April next year. The scheme has guaranteed funding over the whole term of the Welsh Government. 

Robust eligibility criteria and quality standards will be agreed with social partners prior to the implementation of Jobs Growth Wales in order to prevent job displacement or exploitation and the Wales TUC will be a key partner in overseeing delivery of the scheme. 

Interventionist government delivering in partnership with trades unions – there is an alternative.