Project Madoc

Wales' fiscal framework limits the Welsh Government's borrowing to £200 million annually within a £500 million total cap — significantly less than Scotland's equivalent powers. This constraint has been widely criticised as preventing the Welsh Government from investing adequately in infrastructure. Project Madoc proposes a creative workaround.

Project Madoc represents a policy-level response to one of devolution's most tangible constraints: the Welsh Government's severely limited borrowing capacity. The proposal envisions a new public entity — separate from but accountable to the Welsh Government — that could borrow for infrastructure investment at scale, bypassing the fiscal framework's constraints. Named after the legendary Welsh prince said to have discovered America, the project frames infrastructure investment as a foundational act of nation-building. Its connection to Plaid Cymru positions it as part of the party's strategy to demonstrate that an alternative Welsh Government could deliver transformative economic change even within the existing devolution settlement — while simultaneously making the case that fuller fiscal powers would enable even greater ambition. The proposal addresses a specific criticism of the pro-devolution case: that Wales lacks the financial capacity to govern itself effectively. By proposing a mechanism for investment that works within current constraints while arguing for their expansion, Project Madoc serves both pragmatic and constitutional purposes.