The First Minister Carwyn Jones has announced a business confidence plan and a new fund to support jobs and growth as part of the Welsh Government’s response to the EU referendum result.

The Council for Economic Renewal is made up of a range of business, social enterprise and trade union representatives. It is chaired by the First Minister. Details on how to apply to the Growth and Prosperity fund will be available shortly.

Speaking at an extraordinary meeting of the Council for Economic Renewal in Cardiff  Mr Jones said the Welsh Government wanted to assure businesses and inward investors that Wales remains open for business.

“The EU referendum result has created uncertainty and instability which can damage business confidence and have a longer-term impact on jobs and investment,” he said.

“Our immediate priority is to work closely with businesses and inward investors to give them assurance in these uncertain times. Today I am announcing a business confidence plan and a new Growth and Prosperity Fund, which we are allocating £5m to immediately as urgent measures to ensure our economy continues to grow and Wales continues to be an attractive destination for investment.

These actions will support Welsh businesses looking to grow and increase the number and scale of Welsh-based companies that are exporting. We will also be engaging with businesses about how we can support them and promoting Wales with potential inward investors.”