Leading Business advisers in Wales have called upon the Welsh Assembly Government (WAG) to act with a renewed sense of urgency, especially over the coming summer recess, to halt the alarming rise in business failures in Wales as reported by the latest Dun and Bradstreet survey.

In figures released from the survey, business closures in Wales during the last six months ran to 847 - a 15.1 per cent increase compared to early 2001.

Also of concern is the fact that business start-ups in Wales lag at 30 per cent behind the UK average, even though start-ups are key to the Assembly's economic development strategy.

Philip Hunkin, president of the South Wales Society of Chartered Accountants (SWSCA) commenting on the figures, spoke of his concerns: "We are less than ten months away from the Assembly elections and it is clear that one of the main areas for debate will be the Welsh economy.

"These figures should be a wake up call to the Assembly to firmly grasp the reasons as to why these failures are running so high and start-ups are so sluggish in Wales.

"With the launch of 'A Winning Wales' we were told to expect better things from the Welsh economy and that hasn't happened.

"The Assembly members must address the reasons behind this rise in business failures and the lack of start-ups over the coming months before Wales is seen as a place where success cannot be achieved.

"As business advisers with a wealth of experience in assisting small and medium-sized enterprises, chartered accountants are ready to work alongside the WAG to pinpoint why these failures are happening and to set about reversing the trend of failure.

"We must face reality and adopt policies which can halt this decline in the economy."