Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the impact of the Welsh-based financial services company Admiral closing its Newport office on the economy of Newport West constituency.

It is disappointing that in streamlining its office presence in South Wales Admiral has announced it will begin a phased exit of its Newport City Centre offices in 2022. However, it is positive that the leader of Newport City Council has committed to working closely with Admiral and its landlord to ensure the building’s future use is fully explored and secured.

The UK Government is playing its part in supporting Newport’s post-pandemic economy and is investing over £2m through the Community Renewal Fund to level up the city. This includes a project to develop entrepreneurs in the Pillgwenlly area of Newport. Developing entrepreneurs and start-up businesses will be key to the future of Newport’s economy and its newly developed workspaces.