Finance Secretary Mark Drakeford says he will reflect on how to respond to the Chancellor's decision to exempt first time buyers from stamp duty, unless they're buying a home worth more than £300,000.
If he takes no action, the tax break will end for Welsh first time buyers next April, when stamp duty will be replaced in Wales by Land Transaction Tax, payable on the purchase of all properties worth over £150,000.
Professor Drakeford was asked by the Tory Group AM Mark Reckless if Welsh first time buyers would have to rush to buy their homes.
They will not be knocked over in the rush because the number of first time buyers in Wales, who are buying home worth £300,000, means that it will be perfectly possible to form an orderly queue.
I will do my best to resolve the uncertainty created by the Chancellor today by coming forward with proposals that I will [first] reflect on.
The Budget's impact on Wales has been strongly defended by the Welsh Secretary but condemned by his political opponents.Read the full story ›
Here are the changes to the Welsh Government's Treasury funding announced in the budget. Capital funding for improvements to roads, schools, hospitals and other projects, gets the biggest boost:
- 2017/18: £1.7 billion (up from £1.6 billion)
- 2018/19: £1.9 billion (up from £1.7 billion)
- 2019/20: £2.1 billion (up from £1.8 billion)
- 2020/21: £2.2 billion (up from £1.9 billion)
But resource funding, which covers year-on-year spending, is mostly unchanged since the Spring Budget.
The draft budget will be announced later today and for the first time, Wales will be responsible for its own Land Transaction Tax.Read the full story ›
Government minister, Guto Bebb, says party should apologise for breaking manifesto promise not to raise National Insurance contributions.Read the full story ›
ITV's consumer champion says there are easy ways to boost our personal finances, regardless of what has come out of today's Budget.Read the full story ›
The Welsh Government says if it matched the Chancellor's business rates relief scheme for England, businesses in Wales would lose out.Read the full story ›
Chancellor Philip Hammond has unveiled his first Budget - but how will it affect people and businesses here in Wales?Read the full story ›
There's been instant pressure from Welsh Conservative MPs for the Welsh Government to do more about business rate relief.
£200m extra for Welsh Assembly. No excuse for not doing something about business rate rises in Wales.
But the Welsh Government is expected to argue that they have already committed the money they'll receive as a result of the business rate measures announced for England today.
Re: business rates, Welsh Govt source tells me extra money from English scheme =c.£21m; Welsh Govt has already announced its own £20m scheme
Finance Secretary Mark Drakeford is pointing out that it's up to the Welsh Government to decide how any extra money is spent.
Still no clarity on the £3.5bn UK spending cuts still hanging over us – could wipe out £175m from the Welsh budget #SpringBudget
The Treasury has now released the detailed report, know as the Red Book, which supports todays Budget speech. It reveals that the Welsh Government is expected to get £15 billion from the Treasury 2017/18. That's £200 million more than was planned for the same financial year in George Osborne's last Budget.
The Chancellor says his Budget includes an extra £200 million for the Welsh Government to spend.
Chancellor announces extra £200m for Welsh Govt as result of spending in England in his budget.
Details of the £200m: £150m over 3 years + £50m capital over 4 years as result of business rates, skills & social care spending in England
Welsh Govt source: extra £200m has to be seen in wider context of cuts; Welsh Govt’s budget is around £1n lower than in 2009/10.