Speaking at the TWI Technology Centre in Port Talbot, Baroness Eluned Morgan dismissed comments made by Nigel Farage over the weekend that his party would be focused on supporting businesses.
“We want to use every devolved power we possibly can to make the lives of small businesses and other bigger businesses easier in Wales,” the Reform UK leader told the BBC’s Politics Wales programme.
“And that is what we’ve got to devise for our manifesto coming up for May, to say we’re actually on the side of people working and people having jobs.”
Lady Morgan said she is “frightened” of the impact of a Reform government on the economy and how this might affect Welsh companies.
The First Minister was in Port Talbot to announce a new £547 million funding pot from the UK Government to create new jobs and boost productivity.
The Local Growth Fund is set to replace money that previously came from the European Union and decisions about how it is spent over a three-year period will return to Wales.
It will be used to support people into work, help create and grow Welsh businesses in key sectors, boost investment in areas such as artificial intelligence, and address issues holding back growth, such as energy efficiency.
Lady Morgan said: “This is a really important injection of money that will go into our communities.
“What I’m interested in doing is looking to the future… How are we going to use AI technology to advance our economy and make sure people in our communities have the skills for the next generation economy.
“We’ve got to really recognise that the world of tomorrow is not going to be the same as the world of today.”
“We’re using a huge number of powers that are available to us (to support businesses),” she added.
“I am very focused on growing the economy – that’s why we’re going to be hosting an investment summit in December, bringing some of the top companies in the world to Wales to give them the confidence to invest in our nation.
“I think (a Reform government) would be catastrophic for business.
“What business wants is a stable economic and regulatory framework, what they’ve had over the years is that, and a Reform government, I think, might really scare the horses.
“I’d be very frightened about what the consequences of that might be on the economy of Wales.”
In the interview with Politics Wales, Mr Farage said it was “too early” to make specific policy announcements.
“But all I can promise you is it’ll be very different to the status quo of the last quarter of a century,” he added.
