Office of the Secretary of State for Wales
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Welsh Secretary responds to Autumn Statement: UK measures will help boost Welsh economy
Secretary of State for Wales Cheryl Gillan has recently, 29th November welcomed the Autumn Statement which includes an additional £216m for the Wales over the next three years.
The Chancellor of the Exchequer recently announced that the UK Government will use savings from reductions in spending to put money into infrastructure projects and provide credit easing measures for small-medium businesses.
The Autumn Statement also highlighted plans to defer the increase in fuel duty, an offer of work experience for every unemployed 18-24 year old who wants one under the Youth Contract and a 5.2% pension increase which will benefit some 600,00 pensioners in Wales.
Mrs Gillan said: “Today’s Autumn Statement will have a strong impact on Wales. The Welsh Government will receive an additional £216m capital and I would encourage them to use this additional funding to enhance growth opportunities.
“We are committed to building a strong, stable business climate and as part of the growth measures we have announced businesses across Wales will benefit. The National Loan Guarantee Scheme will allow banks to offer lower cost lending to Small and Medium Enterprises.
“Now that Welsh Government has announced enterprise zones in Wales, I hope that they will also follow the UK Government in respect of business rates, with additional support for Small and Medium sized businesses.
“This year the Wales Office highlighted the concerns of rural and agricultural businesses with our Rural Economy Taskforce report, so the fuel duty inflation increase being cancelled will be welcome news. As is Cardiff being one of the 10 super-connected cities as a result of the Urban Broadband Fund, which is in addition to the £57 million already announced for superfast broadband across Wales. Wales needs these measures which have a critical impact on the survival and sustainability of small and rural communities.
“Today’s measures including a 5.2% increase in basic state pension will benefit 600,000 pensioners and there will be more opportunities for young people to take part in work experience. I am also pleased to see the measure to ease tax pressure in businesses, under the Seed Enterprise Scheme. This is a pro-business statement and a healthy addition to an already generous settlement for Wales.”
For more information on the Chancellor’s announcement, go to: (http://www.hm-treasury.gov.uk/)