Live updates

Advertisement

Chancellor's caused uncertainty for first time buyers in Wales says Welsh minister

Mark Drakeford was questioned in the Senedd about how he'd respond to the Chancellor's tax-break for first time buyers. Credit: Senedd TV

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.

– Finance Secretary Mark Drakeford AM

Advertisement

Welsh Government's capital budget boosted

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.

Load more updates