- 12 updates
Responding to the UK Government’s Autumn Statement, the First Minister Carwyn Jones welcomed the extra capital funding but warned that Wales still faces some very difficult spending decisions.
Shadow Welsh Secretary has criticised George Osborne's spending announcements as 'smoke and mirrors' disguising cuts which will hit low-earners in Wales hardest. He gave his reaction to our Political Editor Adrian Masters.
Plaid Cymru's Treasury spokesman, Jonathan Edwards, says the Autumn Statement represents an admission that the Chancellor's 'austerity experiment' has failed. He said:
Mr Edwards went on to criticise as 'self-defeating' the decision to fund extra money for capital projects by cutting the budgets of nearly every Whitehall department.
Welsh Secretary David Jones has been telling our Political Editor Adrian Masters that the Chancellor has given the Welsh Government exactly what it asked for in his Autumn statement. He said he hoped Welsh Ministers would spend the money on improving transport links across Wales.
And he rejected the suggestion that a reduction in the main budget for Wales meant the UK Government was giving with one hand and taking away with the other. He described it as 'a marginal reduction.'
ITV Wales Political Editor, Adrian Masters, says six hundred and forty thousand pensioners in Wales will benefit from an increase in basic state pensions.
The increase has just been announced in the Chancellor's Autumn Statement.
Also as a result of spending in England the Welsh Government is set to receive an extra £52 million according to the Wales Office.
Wales' First Minister has made a fresh plea to Chancellor George Osborne for more capital investment funding.
Carwyn Jones has joined forces with Northern Ireland's First Minister Peter Robinson, Deputy First Minister Martin McGuinness and Scotland's First Minister Alex Salmond to make the plea ahead of today's Autumn Statement.
The ministers say that an injection of funding for new business ventures would "support the recovery and help bolster economic confidence".
Adding that they have employed a "variety of innovative measures" to increase funding for major public infrastructure projects but these cannot "fully offset" the cuts from Westminster or their impact in the three countries.
In a statement the ministers said:
"Increasing capital investment by simply cutting departmental budgets will not achieve the increase in demand in the economy that is so urgently needed. This investment must be additional.
This afternoon's Autumn Statement provides the UK Chancellor with an ideal opportunity to invest in growth, support the economic recovery and help bolster economic confidence."
Latest ITV News reports
The numbers in the Chancellor's statement show a far weaker economic picture than the government had hoped for and some heroic assumptions.
George Osborne has this lunchtime delivered his Autumn statement. Set out below is a brief summary of the impacts it will have on Wales.