Press release

Welsh Secretary welcomes new IMF figures that show UK is fastest growing major economy

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Stephen Crabb MP: "This is good news for hardworking families and businesses across Wales."

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The Secretary of State for Wales Stephen Crabb MP today (25 July) welcomed the announcement from the IMF that the UK is the fastest growing major economy in the world this year.

Mr Crabb said:

Today’s announcement that UK GDP is now higher than pre-recession levels is good news for hardworking families and businesses across Wales.

Thanks to the difficult decisions this government has taken, the Welsh economy has come a long way since 2010.

Since the general election there are now 49,000 more people in work in Wales and unemployment is on a clear downward trend.

More people in Wales are bringing home more money at the end of each month as average earnings are increasing at twice the rate of the UK average. Key areas of the Welsh economy such as manufacturing, technology, energy and aviation have all helped to lead this UK-wide recovery.

There is, of course, no room for complacency, but by sticking to our plans we are rebalancing the economy, encouraging job creation and driving growth across Wales and the UK.

There is still more to be done, but our long-term economic plan is working - and it’s working for Wales.

Published 25 July 2014