1. ITV Report

Welsh Government to benefit from £400 million boost to capital budgets from Autumn Statement

The Chancellor of the Exchequer has announced the Welsh Government’s budget will increase by more than £400 million through to 2020-21.

It is a result of the UK Government’s decision to focus on infrastructure spending, and is in addition to the £500 million the Welsh Government will be able to borrow to invest from 2018.

It will be for the Welsh Government to set out how it intends to use this additional funding.

The Autumn Statement also includes a range of measures that will directly benefit people across Wales.

  • Freezing fuel duty will help save the average driver in Wales up to £10 every time they fill up their car.
  • The National Living Wage is increasing from £7.20 to £7.50.
  • Increased investment in research and development should benefit universities and research centres in Wales.
  • The UK government is also making further investment in digital infrastructure such as fibre broadband and 5G

The investments I have outlined today will have benefits right across the Union.

Research and development funding will benefit the United Kingdom as a whole and where responsibility for infrastructure investment rests with the devolved administration in Wales, they will receive the appropriate funding share.

The decisions I have announced today mean that Wales will receive very significant additions of £500 million to its capital budget.

It is also great news that today I can also confirm wider investments for Wales including working towards new city deals, better broadband and more money for research and development.

– Chancellor of the Exchequer Philip Hammond

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