RegulationAccounting StandardsICAEW announces wish list for Welsh assembly

ICAEW announces wish list for Welsh assembly

Institute’s ‘Dragon’s Challenge’ launched

The ICAEW has launched
its 2007 election manifesto, setting out its Welsh Assembly Government
priorities.

Launching The
Dragon’s Challenge
at the Wales Millennium Centre, the ICAEW’s
director for Wales, David Lermon stated: ‘At the heart of the ICAEW’s philosophy
is the premise that ‘what is good for business is good for Wales’.

‘It is only by having a successful private sector, exploiting market
opportunities, providing jobs and economic growth, and stimulating innovation
that Wales can thrive as an economy and as a society,’ he said.

In ‘The Dragon’s Challenge’ the ICAEW has identified six key areas where it
believes that the new Welsh Assembly Government can and must make a difference,
if Wales is to enjoy the success it deserves.

Its member accountants want to see:

• That where financial support is provided to businesses it should be by way
of loans and equity investment rather than grants

• The funding priorities of the new Welsh Assembly Government reflect the
urgent need to increase basic numeracy and literacy skills in the Welsh
population

• No additional regulatory burdens to be placed on business over and above
those operating at a European and UK level

• The assembly government review the current arrangements for local
government, promote more effective sharing of best practice in joint ventures
and in the merging of service provision

• The creation of a properly supported finance committee in the assembly
which would be in the interests of good governance

• AMs should receive additional training in financial matters to enable them
to scrutinize more effectively budgetary and fiscal matters

• The removal of transport bottlenecks in and at the borders of Wales which
is critical to successful business development. Improving rail links to England
are more important than establishing internal air links

Further reading:

Wales signs first EU open audit pledge

Welsh enjoy early broadband success

Plaid Cymru proposes corporation tax cut

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