Live updates

David Cameron tells summit 'Wales is coming back'

ITV Wales Political Editor Adrian Masters is tweeting from David Cameron's speech at the UK Investment Summit in Newport.

The Prime Minister told delegates that "four things are vital for a country... fiscal common sense; a business friendly approach; modern infrastructure; and openness to investment".

Advertisement

PM's comments mean underfunding will go on say Plaid

Plaid Cymru says Wales will continue to lose out after the Prime Minister told MPs that there is no reform 'on the horizon' for the Barnett Formula, which limits any change in the funding that the UK Treasury gives to the Welsh Government.

The Prime Minister's confirmation that the unfair Barnett Formula is here to stay proves that Westminster just isn't working for Wales. If Wales received the same money as Scotland per head, we would have £1.2bn more per year to radically improve our schools, hospitals, roads and railways.

– Plaid Cymru MP Hywel Williams

Euro aid spending approved

A detailed agreement between the Welsh Government and the European Commission has been reached on how £2 billion of European aid will be spent over the next seven years.

It's split between a regional development fund, worth about £1.1 billion and a smaller social fund, which supports skills development and helping people into work. Most of the development money will be spent on the European Commission's objectives, including research and innovation, the competitiveness of small and medium sized enterprises, renewables and energy efficiency,

But £252 million will be spent on transport, which the Welsh Government argued was also a priority for economic growth. The metro scheme to improve public transport in Cardiff and the Valleys will be a major beneficiary but the Commission has also agreed to some of the money being spent on road improvements to the A40 in west Wales and the A55 in the north.

Wales is the first to adopt programmes in the UK and indeed, it is a model for the rest of Europe's regions in terms of 'partnership in action'. Thanks to the tireless work and dedication - from ministerial level to the grassroots, we are able to launch these vital programmes for investments that will set Wales on the path to smart and green growth - connecting people, skills and jobs

– European Commissioner for Regional Policy Corina Cretu

The EU is a unique partnership of nations working together for the benefit of their citizens, and as a pro-European Government we value the role of Wales in Europe and to the UK’s membership of the EU.

– Finance Minister Jane Hutt AM

Jobs news is sign UK Government's plan is working says Welsh Secretary

Welsh Secretary Stephen Crabb has welcomed the announcement of more than a thousand new jobs at six projects in Wales. He said the news is sign that the UK Government's long term economic plan is working and that Wales is poised to benefit from this week's investment summit.

The UK Government has a long term economic plan for getting right behind Welsh businesses and creating the perfect conditions for growth. We have reduced the deficit, cut Corporation Tax and slashed red tape to make our economy more competitive and more attractive for inward investment.

This has led to 8,000 new businesses starting each year in Wales and the creation of around 100,000 new private sector jobs since 2010.

This week’s summit will send a message to the world that we are an ambitious nation that is open for business. There has never been a better time for Wales to capitalise on an investment summit - to turn the success of the recent Nato summit into jobs and prosperity so that more people in Wales can benefit from the security of a regular wage.

– Stephen Crabb MP, Secretary of State for Wales

Advertisement

Prime Minister rejects Wales funding change call

The Prime Minister has told MPs that change to the way that Wales is funded isn't 'on the horizon.' David Cameron said that the current arrangements will become less important as the Welsh Government gets more control over raising its own finances through taxes.

He was being questioned about the next steps for devolution by the chairs of committees in the House of Commons. Monmouth MP, David TC Davies, who chairs the Welsh Affairs committee, asked him if the so-called Barnett Formula will be scrapped.

You can see the Prime Minister's answer in the video below:

Load more updates