We’re gathering viewpoints from across the profession—urban and rural, large firms and sole practitioners—because we want to understand what’s really holding businesses back. What are the barriers to growth? How do we raise productivity? What should be top of the policy agenda?
These questions matter more than ever. Business confidence is fragile, investment is stalling, and everyday decisions are being slowed by complexity, cost and uncertainty. Policymakers talk about growth—but the businesses trying to deliver it are being held back.
That’s why ICAEW has launched its growth campaign, built around a simple but powerful message: doing business is too difficult, too expensive, and too uncertain. These are the themes we’ll be exploring with our members in Wales, and they’re the ones I’ll be taking to Welsh Government.
As Kellie Beirne, Chief Executive of the Cardiff Capital Region City Deal said at our annual dinner earlier this month, we must have hope for the future and encourage positivity. So, let’s start with the good news. Wales was the only UK region to record a positive score in ICAEW’s most recent Business Confidence Monitor, climbing to +0.9. That optimism is encouraging—but it’s also fragile. We need to understand what’s driving it, and how we can protect and build on it.
One possible factor is the Welsh Budget announcement, which committed an additional £1.6bn to public services. That kind of investment sends a strong signal to the business community. It shows that government is willing to act—and that action can build momentum.
But we also need to look at the structural barriers that are holding Wales back. In mid-Wales and rural areas, poor transport and digital infrastructure make it difficult for businesses to expand. Skills shortages are acute, and attracting and retaining talent is a constant challenge. These aren’t new problems—but they are urgent ones.
We want to make Wales more productive by giving people the skills they need to thrive and businesses the talent they need to grow. That means investing in education and training, supporting apprenticeships, and making it easier for SMEs to adopt new technologies.
It also means tackling the cost pressures that are squeezing margins. The business rates system in Wales is less responsive to economic conditions than in England, and the lack of extended reliefs for retail, hospitality and leisure sectors is increasing operational costs. We need a system that reflects the realities of doing business in Wales—and that supports the sectors that are vital to our communities.
Then there’s uncertainty. Agriculture, trade, and market access remain unpredictable, especially for micro businesses. Geographic disparities in access to finance mean that smaller firms in Wales face greater obstacles to securing investment. And tax and regulatory uncertainty undermines long-term planning. These are not abstract concerns. They are real-world issues that affect real businesses every day. And they are exactly the kinds of issues we’ll be discussing at our forum.
But we also want to talk about opportunity. Wales has strengths in FinTech, InsurTech, and semiconductors. We have a vibrant micro business economy. With the right support, these sectors can drive innovation and growth—not just in Wales, but across the UK.
Wales must be positioned as central to UK growth. We don’t just want to be a beneficiary of investment—we want to be a driver of economic momentum. We want to be recognised for our potential, and supported to realise it.
As always, ICAEW stands ready to partner with the Welsh Government to help deliver on these ambitions. Our members are embedded in businesses and communities across Wales. They understand the challenges, and they see the opportunities. Their insights will be key to shaping the policy solutions we need.
It’s always good to talk. But it’s even better to listen. That’s what this forum is about. Listening to our members. Understanding their experiences. And using that insight to build a stronger, fairer, more productive economy.