Labour is proud to be the party that has delivered unprecedented levels of economic stability and prosperity. We are proud too that today Labour is the party of business. By supporting good companies invest and expand we are helping more people than ever before into rewarding, well paid jobs.

The Welsh economy is strong with unemployment slashed and more people in work than ever before. On many indicators the Welsh economy is outperforming the UK economy as a whole – demonstrating the difference that the Labour Assembly Government is making.

More and better jobs

At the time of devolution, unemployment was 30% higher than in the UK as a whole - now it’s nearly 5% lower. Unemployment has fallen from 7.7% to 5.2% since the Assembly came into existence.

There are 130,000 more people in work than at the time of devolution. The increase in the total number of people in work in Wales is 11% - far higher than the 7.7% increase in the UK as a whole over the same period.

More than 100,000 people have been helped into work through the New Deal, including more than 40,000 young people.

Wales is the only part of the UK where private sector employment has increased faster than public sector employment since 1999.

Economic inactivity rates have fallen faster in Wales than across the UK as a whole. The number of people on incapacity benefit has fallen by 15,000 since 1999.

Average Welsh earnings are up 23 per cent since 2001 – compared to a 21 per cent increase for the whole of the UK.

Supporting business and enterprise

Merged the Welsh Development Agency with the Assembly Government. This will give businesses a one-stop shop for world-class advice and support.

More than £700m awarded in business support since 1999 through Regional Selective Assistance and the Assembly Investment Grant, helping to lever in more than £3 billion in private sector investment. This support is helping to modernise the Welsh economy and to create and safeguard jobs.

Welsh companies are competing strongly in the global economy. Welsh exports are up by 44 per cent since 1999, compared to 41 per cent for the UK over the same period.

Established International Business Wales, with a united team of trade and investment professionals to help boost inward investment in Wales.

Launched the Knowledge Bank for Business – one of Labour’s top ten manifesto commitments. This is providing tailored and focused support for 80 high growth companies across a range of sectors in Wales.

Established Finance Wales to give business the investment support they need. Since being established, Finance Wales has made more than 1,000 investments.

Encouraging Enterprise

Labour in the Assembly is implementing the first ever entrepreneurial action plan for Wales. This is putting enterprise at the heart of economic development policy.

Fostering a culture of enterprise in our schools. Over 1,500 primary and secondary schools are getting support through the Assembly Government supported Dynamo training.

With Labour, Wales is a great place to start a business. Graduate business start-ups in Wales are rising and with just 5% of the UK population, Wales accounts for nearly 15% the UK’s number of graduate business start-ups.

Established the Knowledge Exploitation Fund to help Welsh businesses take advantage of the excellent research and technology at Welsh universities.

Promoting growth in West Wales and the Valleys

Secured European Union regeneration aid for West Wales, the Valleys and most of North Wales between 2000 and 2006. Through this, more than £3 billion of investment has been allocated to more than 1,700 projects.

Thanks to Labour’s negotiations in the European Union, a further round of £3 billion of investment has been secured for West Wales, the Valleys and most of North Wales to cover the period 2007 to the end of 2013.

Independent evaluation evidence has confirmed the impact of European Structural Funds programmes. Employment is up 40,000 in West Wales and the Valleys, with 85,000 people moved from inactivity to employment, education or training.

Investment in the future of communities

Thanks to Labour’s strong partnership at the Assembly and Westminster, Wales has secured the Defence Training Academy at St. Athan in the Vale of Glamorgan. This will create an estimated 5,000 jobs and help secure the long-term future of the South Wales economy.

All-Wales Steel Taskforce established following Corus’ job loss announcement. Assembly supported programmes from this include establishment of Newport Unlimited, investment to re-open the Ebbw Valley line and redevelopment of Ebbw Vale site.

A £500m economic package, built around the dualling of the Heads of the Valleys, to regenerate the northern valleys. The programme will attract new investment and jobs, regenerate town centres and improve the local environment.

Launch of the Mon a Menai programme. This is a long-term economic development package aimed at boosting prosperity and jobs in North West Wales.

Delivered a £25million regeneration plan in the Cardigan, South Ceredigion and North Pembrokeshire area following the Dewhirst factory closures.

Improving transport in Wales

Launched a 15 year, £8 billion transport strategy. Investment in transport has increased by 150% since 2001 – to annual investment now of over £500m.

New powers given to the Labour Assembly to improve transport in Wales (through the Transport Act Wales and Railways Act).

Started the dualling of the Heads of the Valleys Road, with Dowlais to Tredegar completed and Abergavenny to Gilwern under construction. This is opening up the Heads of the Valleys for investment and business.

Establishment of the first ever Wales and Borders rail franchise, leading to the first ever frequent and direct north-south Wales rail service.

Re-opening the Ebbw Valley rail line to Cardiff. Our £30m project will provide hourly passenger services between Ebbw Vale and Cardiff.

The Vale of Glamorgan line re-opened in 2005 to improve links to Cardiff International Airport.

Through Labour’s Freight Facilities Grant there are over 25,000 fewer lorry journeys on Welsh roads.

A £50 million investment in the Cardiff Valleys Network to relieve overcrowding on the Valley lines. This will mean extra rolling stock and a 20 per cent increase in capacity.

Concessionary travel on the Conwy Valley Rail line and the Heart of the Wales Line introduced for pensioners and the disabled.

Introduced free bus travel for pensioners and the disabled. This has benefited more than half a million people in Wales.

Introduced a pilot scheme for free buses passes for young people in Bridgend, Wrexham, Denbighshire and Flintshire. Young people in these counties will be eligible for half price travel on participating local bus services.

Labour’s investment means more and more people are using local bus services, with nearly ten million additional bus journeys being taken every year.

Labour in the Assembly has boosted community transport and local bus schemes through the Local Transport Services Grant.

Making our roads safer

More than 330 20mph speed limit zones have been funded and established outside schools. This has led to a reduction in accidents of more than 86% in these zones since 2000.

£22 million has been invested in the Safe Routes to Schools scheme.

There are more than 100 safe routes to school schemes in place, and investment has been awarded for a further 50.

Networks of the future

Established the Broadband Wales programme, a five year, £115m investment programme aimed at giving families and businesses access to the networks of the future.

Today 99% of people in Wales can receive broadband – compared to just 18% in the Republic of Ireland.

Through Labour’s investment in new technology, there are 63% more businesses today with access to broadband. Labour is well on course to meet our manifesto commitment of 310,000 homes and 63,000 more businesses having access to broadband.