Autumn budget: How much will Wales get following Chancellor Jeremy Hunt's statement?

There will be an extra £1.2bn for the Welsh Government in the next two years as a result of spending on health and education in England announced by the Chancellor. 

The Welsh Government is not obliged to spend the money on health or education but is likely to do so. 

However the extra funding runs over two financial years, and could be swallowed up by the effects of inflation. 

Elsewhere Jeremy Hunt moved to protect payments to those on benefits and pensions as well as increasing the national living wage to £10.40. 

Mr Hunt promised his budget will prioritise “stability, growth and public services” while putting the vulnerable at the forefront.

“To be British is to be compassionate and this is a compassionate Conservative government,” he told the Commons to jeers from MPs.

His budget comes as inflation hit a 41-year high on Wednesday at 11.1%, with food rising at an annual rate of 16.5% - intensifying the cost of living crisis.

Mr Hunt promised his budget will prioritise “stability, growth and public services” Credit: PA

But the bulk of his autumn statement was taken up with what he called ‘difficult’ measures to try to fill a gap in the public finances that he said was caused by global problems but many see as the fault of the previous Prime Minister and chancellor. 

By freezing income tax thresholds, in other words, the amount you have to earn before you start paying a certain level of tax, more people will pay both basic and higher rates. 

And more will pay the very highest rate, known as ‘additional rate’ after he announced that the threshold will be reduced. 

Instead of having to earn £150,000 before start paying the 45p rate, people will now start paying it if they earn over £125,000. 

It is unlikely to affect that many people in Wales, because earnings here are much lower. 

Only around 4,300 paid the additional rate previously. 

The Welsh Government will also have to decide if it will follow suit when it comes to property tax which is devolved. 

Jeremy Hunt said that stamp duty cuts for homebuyers in England will be time limited. 

When the English cut was announced, the Welsh Government announced that its Land Transaction Tax would change too so that homebuyers wouldn’t pay it on properties worth less than £225,000. 

The autumn statement has been welcomed by the leader of the Welsh Conservatives. 

Andrew RT Davies said “We have a duty not to leave our debt to the next generation.

“The Prime Minister and the Chancellor have today taken decisive action to get our public finances back in order.

 “In particular, the Welsh Conservatives welcome the extra £1.2bn for Wales in consequential funding.

 “While we all have our role to play in this national effort to pay our way, the Government has acted to protect the most vulnerable.”