Today's GDP figures are extremely disappointing - but not surprising. We have repeatedly warned the UK Government their austerity cuts were too deep, too fast. The Deputy Prime Minister is now in agreement with us. Their cuts to capital investment in major infrastructure projects is causing damage to our economy at a time when spending by households and businesses is too weak to offset cutbacks in UK Government spending.
Furthermore, the Chief Economist of the IMF has now advised the Chancellor to reconsider his plans. A new plan for growth and jobs should now be a major priority for the Prime Minister and the Chancellor of the Exchequer.We are doing all we can within our powers to support and encourage business in Wales and our Programme for Government places jobs right at the heart of what we do.
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A mostly cloudy and murky day with widespread hill fog and outbreaks of rain.
Official figures show areas of Caerphilly, Rhyl, Wrexham, Rhondda Cynon Taf and Bridgend to be the most deprived in Wales.
A £500 million investment has been secured for a new riverside development in Cardiff, which would link the City Centre with Cardiff Bay.