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Economic Development

Economy minister Ken Skates says new business funding will be rolled out rapidly

First Minister Mark Drakeford will reveal exactly how £200m will be spent on Friday

Ken Skates, Minister for Economy and Transport, and Minister for North Wales(Image: Ian Cooper/North Wales Live)

Economy minister Ken Skates says the next raft of funding will be rapidly rolled out and that it has been shaped to meet needs of businesses left in lockdown.

Wales was placed into Alert Level 4 lockdown on December 20 with hospitality, leisure and non-essential retail closed.

Business resilience funding was rolled out - while many but not all hospitality, tourism and leisure firms have been able to apply for additional help from the Sector Specific Grant.

But many companies have now gone over a month without additional funds, calling

First minister Mark Drakeford will tomorrow reveal how a new £200m pot of funding will be spent to support businesses in the coming weeks.

It comes as it is expected Welsh firms will remain in lockdown for at least another three weeks.

Economy minister Ken Skates said: "The aim is to maintain a consistency of approach during the Level 4 Alert period so businesses can have that surety of being able to get through to the next financial year with Government support to the same degree they've had to date, should it be required.

"We are on a three weekly basis reviewing where we are in terms of transmission rates, infection rates and test positivity.