Wales will benefit from over half a billion pounds in additional funding for the Welsh Government, as well as £120m for a North Wales Growth Deal, the Chancellor has announced in the Budget.
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.
Budget announcements for Wales
- More than £550m of extra money for the Welsh Government, meaning its budget will have grown to over £16.1bn by 2020.
- £120m for a North Wales Growth Deal, generating investment, jobs and prosperity in the region.
- Continuing to support a Mid Wales Growth Deal, working with the Welsh Government, businesses and local councillors to agree a deal.
- Supporting the delivery of the M4 relief road by reviewing the Welsh Government’s borrowing powers.
- Giving Welsh councils the freedom to build more council homes by removing the borrowing cap on housing.
- Appointing a dedicated manager from the British Business Bank in Wales, for the first time, to help to reduce geographical imbalances in small businesses’ access to finance.
The Chancellor of the Exchequer, Philip Hammond, 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 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.