More than half a billion for Wales in Chancellor's Budget

30 Oct 2018 01:55 PM

Welsh Secretary: Yesterday’s budget shows the scale of ambition the UK Government has for Wales

Wales will benefit from over half a billion pounds in additional funding for the Welsh Government, as well as £120 million for a North Wales Growth Deal, the Chancellor has announced in the Budget yetserday.

This year’s Budget is a result of the UK government’s balanced approach to the country’s finances, meaning the Welsh Government will have more spending power, while keeping taxes low and debt falling.

Yesterday’s announcements for Wales include:

The Chancellor of the Exchequer, Philip Hammond, yesterday said:

My Budget sends a clear message to the people of Wales – your hard work is paying off.

Thanks to the UK government’s careful stewardship of the economy, the public finances are in a much stronger position and national debt is falling.

This means we have more money to invest in Wales’s future – including £550m of extra funding for the Welsh Government and £120m for a North Wales Growth Deal.

Secretary of State for Wales Alun Cairns yesterday said:

Today’s budget shows the scale of ambition the UK Government has for Wales.

From the clear support for a North Wales Growth Deal, reviewing borrowing capacity to deliver critical infrastructure projects, and the additional half a billion of spending power, this is a Budget that clearly backs Wales’s future prosperity.

The wider package of announcements made today show that we are getting the important things right – backing hardworking people and unlocking key infrastructure. Taken together, these measures are proof positive of a UK Government that is building on a strong foundation for Wales’s economic prospects as part of a stronger United Kingdom.

The Chancellor set out his Budget against a backdrop of positive economic news across Wales. Since 2010, 151,000 more people in Wales are in employment and in 2016 it had one of the highest productivity growth rates across the UK.

The people of Wales will also benefit from measures to tackle the cost of living:

Related content

Economic growth in Wales