The Welsh Conservatives have called on the Welsh Government to make effective use of an extra £161 million in capital spending over the next two years.
As a result of these spending decisions the Welsh Government will benefit from an additional 161 million pounds of capital spending power – bringing the total to 858 million over the spending review period. Detailed discussions are now required on how to put this new money to best use.
This is a Budget targeted at growth that helps and supports communities across Wales. From fuel duty to income tax, from childcare to capital spending; this is extremely welcome news that provides a stark contrast to Welsh Labour’s tired policies and casino economics.The UK Government’s mortgage announcement will help those working hard to get on the property ladder, while its national insurance plans are a welcome difference to Labour’s flawed plans to tax jobs.
Meanwhile Plaid Cymru’s Treasury spokesperson, Jonathan Edwards MP, has reacted to the Chancellor’s Budget by saying it will bring little benefit to the Welsh economy and is a clear indication that Treasury policies are failing Wales.
It is disappointing that the Chancellor failed to adopt policies advocated by Plaid Cymru such as reversing the tax cut for those earning over £3,000 a week and scrapping the Trident renewal that is set to cost £100 billion. He also failed to make progress on introducing a Financial Transaction (Robin Hood) Tax that would raise £20 billion a year and help curb the speculative behaviour in the financial sector which caused the crash in the first place. The decision to scrap the stamp duty on shares trading is a regressive move as it’s the only thing in the UK currently resembling this tax.
Mr Edwards welcomed the news on childcare support though it won't help those on tax or universal credit. He said that left those on the lowest incomes facing the greatest barriers to meaningful work. He also welcomed the scrapping of the rise in fuel costs and the £10,000 income tax threshold.
Welsh families, businesses and politicians have been counting the cost of today's Budget, as they look to balance their own books.
From Credit crunch to VAT, here is a quick glossary of some of the key terms you will hear in this year's Budget.