MONMOUTH Assembly Member Nick Ramsay has given a cautious welcome to the Welsh Government’s announcement that it would explore plans for a development bank for Wales.

Mr Ramsay has been calling for a radical overhaul of the way the Welsh Government supports businesses but he said the proof would now be in the detail of any proposals.

He said: “It’s been a year now since I first argued that Finance Wales, the body charged with supporting Welsh businesses, is no longer fit for purpose and should be replaced with a new, localised, public-facing model with a stronger high street presence. We need to make it much easier for businesses to source funding to invest in their business, expand and create new jobs.

“Small businesses are the backbone of the Welsh economy and unless businesses can access finance swiftly when they need it, our economy will be held back.”

He added: “This is a positive step, but I am calling on the Welsh Government to provide details of the proposals and a timescale for their implementation. Welsh businesses have waited long enough for more support.”