Mark Drakeford says he'll decide soon which infrastructure projects will take priority for funding, as Wales reacts to the Autumn Statement.Read the full story ›
Finance Minister Mark Drakeford has told AMs that the Welsh Government will make the most of extra money from the Chancellor. But he added that £400 million over five years was not going to meet the needs of Wales.
The Chancellor should grasp the urgent need to invest in the UK economy
Mr Drakeford said the money announced today wouldn't make upo to the 33% cut in the Welsh Government's capital budget since 2010. It's currently £1.5 billion a year.
The Welsh Government’s budget will increase by more than £400m, giving it even greater spending power.Read the full story ›
Chancellor Philip Hammond has announced measures for lower-income and self-employed workers in his first Autumn Statement.
He said that the minimum wage will rise by 30p an hour that the Government will raise the income tax free personal allowance to £12,500 by the 2020 at the latest.
- You can watch the Autumn Statement live on our Facebook page
The Ministry of Justice has been given permission to employ a further 2,500 prison officers "to tackle urgent prison safety issues," Philip Hammond has announced in his first Autumn Statement.
- Updates: Chancellor delivers first Autumn Statement
- You can also watch the Autumn Statement live on our Facebook page
Chancellor Phillip Hammond has said that he is "recommitting" to the support for Swansea and north Wales city deals announced by his predecessor, George Osborne. The aim is to encourage fresh business investment in the chosen areas.
A very positive outcome, to have the Chancellor’s public confirmation on commitment for a North Wales Growth Deal.
With the extra £400m announced by the Chancellor for Wales, we hope to see a fair proportion of that, supporting the economy of North Wales, for example on key investments as outlined in the Growth Vision for North Wales, especially on infrastructure and the Growth Track 360 rail investment campaign.
Chancellor Phillip Hammond says Wales will get £400 million as a consequence of the spending on roads and other infrastructure that he's announced for England.
The Chancellor said high value infrastructure investment will improve Britain's productivity and so he could justify the "short term borrowing" to pay for it.
Philip Hammond says £400 million for Welsh Government because of spending pledges in England.
As expected over £1 billion for roads in England. Welsh Government will get a share but doesn't have to spend on Welsh roads.
Chancellor Philip Hammond has announced rising Government borrowing figures as he confirmed it no longer plans to deliver a surplus in public finances by 2020.
He said Government borrowing will fall from £68.2bn this year to £21.9bn in 2019-20, followed by £20.7bn and £17.2bn in 2021-22.
ITV Economics Editor Noreena Hertz tweeted:
#AutumnStatement Hammond drums the important of fiscal responsiblity home. But says no longer plan to deliver a surplus in 2020...
#AutumnStatement For anyone who thought end of austerity. No. Welfare spending will have a cap, but no new welfare savings in this budget
The new figures show a widening gap between the planned forecasts delivered by his predecessor George Osborne back in March.
The Chancellor of the Exchequer has begun delivering his first Autumn Statement in the House of Commons.
Philip Hammond began by saying it was a 'privilege to report on an economy with employment at a record high.'
Chancellor Philip Hammond has said his first Autumn Statement "is focused on preparing and supporting the economy as we begin writing a new chapter in our country's history".
He sent out a tweet shortly before leaving 11 Downing Street to head to the House of Commons.
My #AutumnStatement today is focused on preparing & supporting the economy as we begin writing a new chapter in our country’s history
Mr Hammond will deliver the Statement after Prime Minister's Questions.
- Watch the Autumn Statement live on our Facebook page from 12.30pm.