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Covid-19 Welsh government financial interventions: an analysis of Welsh beneficiaries

Henley, Andrew ORCID:, Kapitsinis, Nikolaos ORCID:, Munday, Maxim ORCID: and Roberts, Annette ORCID: 2020. Covid-19 Welsh government financial interventions: an analysis of Welsh beneficiaries. [Technical Report]. Cardiff: Development Bank of Wales. Available at:

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This report is the first in a longer-term programme of work to investigate the effectiveness of business finance interventions through the Welsh Government’s Economic Resilience Fund (ERF). Welsh Ministers decided upon a series of additional responses to assist businesses affected by Covid-19, and with these developed to complement UK-wide interventions such as the Job Retention Scheme. The ERF formed a key component of a public stimulus package of unprecedented proportions to support businesses in Wales. Timely intervention was critical, particularly given the problems facing businesses in Wales in the second and third quarters of 2020. Businesses based in Wales have so far received a total of over £3.1bn in grants from UK and Welsh Governments. In addition, firms have had access to specific loan funds, through the British Business Bank and Development Bank of Wales, with a total of over £1.8bn already lent to firms in Wales. Of these totals, the ERF and associated measures including the Non-Domestic Rates scheme has accounted for close to £1bn in grants to businesses in Wales, and over £90m in loans. The ERF interventions investigated in this report include Phase 1 and 2 business grants administered by Welsh Government and the Covid-19 Wales Business Loan Scheme managed by the Development Bank of Wales. This report also considers the Non-Domestic Rates (NDR) grants administered by local authorities. Other schemes have more recently opened to firms in Wales for applications and these are not analysed in this initial report.

Item Type: Monograph (Technical Report)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HJ Public Finance
Publisher: Development Bank of Wales
Date of First Compliant Deposit: 9 January 2021
Last Modified: 27 Nov 2022 13:05

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