Heather Myers, Chief Executive of South & Mid Wales Chamber of Commerce, said:
“Today’s announcement that UK growth figures show an unprecedented 20.4% contraction in April will come as no surprise to businesses.
It shows the scale of impact on the economy to date and demonstrates how widespread that has been, although some sectors have been more deeply affected. The concern is that the economic scars left, as a result of this pandemic may worsen, and the pain will be felt by sectors at different times.
Therefore, it is vital that financial support from the UK and Welsh Governments and banks continues, although the method of that support will need to change and adapt to more specific needs of sectors over time.
We welcome the announcement this week that changes to the Welsh Government’s Economic Resilience Fund (ERF) will make more businesses eligible to access this, particularly those smaller businesses who may have fallen through the gaps.
Our role as a Chamber is to listen to businesses and industry, in order to inform key decision makers in both Governments as to what industry needs to successfully trade in the UK and overseas. We also have a laser focus on providing key resources and advice to help Welsh business to trade out of this economic shock and support them to grow. I would encourage all businesses, from all sectors in Wales to work with the Welsh Chambers to ensure businesses and industry across all sectors are heard.”