- 18 updates
Welsh Finance Minister Jane Hutt has warned that the UK Government Budget is "not looking at the needs of Wales".
The Wales Office has set our how the UK Government claims Wales will benefit from the Budget. Key points include:
- The increased income tax allowance means 1.2 million Welsh people will be an average £561 better off in 2017 than in 2010.
- Motorists will benefit from the abolition of VAT on Severn Bridges tolls.
- Talks about a guaranteed price for electricity from a Swansea Bay tidal lagoon could lead to investment in the Welsh economy and the crration of new jobs.
- An extra £18 milion for the Welsh Government to spend in 2015-16.
But the Shadow Welsh Secretary, Owen Smith, condemned what he called "another dodgy budget from this dodgy Tory Chancellor".
Plaid Cymru's Treasury spokesperson, Jonathan Edwards, also accused the Chancellor of "sharpening the axe for billions more cuts to public services".
The Liberal Democrats highlighted the increased income tax allowance as one of their policies, achieved by going into coalition with the Conservatives. However, they said that it wasn't enough to merely remove the VAT on the Severn Bridges tolls.
The Conservatives say negotiations will begin for Cardiff to secure a 'City Deal' - a scheme that aims to "empower local areas to drive economic growth by providing them with additional freedoms and resources."
Cardiff Council says the scheme could see the city receive "substantial sums in extra funding to spend on infrastructure projects aimed at boosting the city and the city region’s economy."
Wales' Finance Minister has responded to today's Budget announcement saying it was the 'fifth opportunity missed to resolved Wales' underfunding'.
In 2009, it was claimed the Welsh Government was being underfunded by Westminster to the tune of around £300m, but it's believed that gap has since narrowed.
Jane Hutt said the announcement of support to Swansea's tidal lagoon project and a Cardiff City deal for the capital is welcomed but added 'much more could have been achieved by now'.
The leader of Swansea Council says support from the UK Government for the world's first tidal lagoon project is "hugely significant" for the city.
Cllr Rob Stewart says Chancellor George Osborne’s Budget announcement about the proposal, which will be built in Swansea Bay, could be beneficial for the economy.
The Chancellor said discussions will now start in earnest, which will help take the £1bn proposal a step closer to fruition.
His announcement comes within months of the UK Government including the project in its National Infrastructure Plan.
Welsh Secretary Stephen Crabb also responded to the announcement in today's Budget, describing the lagoon project as a "once in a generation opportunity."
The Wales Office has confirmed that Seven Bridges tolls are expected to fall when the crossings return to public ownership because VAT would no longer be levied. The tax represents just over £1 of the present £6.50 toll for cars and more than £3 of the £19.60 paid by lorries. The Chancellor also announced that the present £13.10 for small vans and buses would be reduced to the same toll as is charged for cars.
The private company that built the Second Severn Crossing will hand back the tolls when the construction costs have been paid off. That's now expected to happen in 2018.
More than 1.2 million people in Wales will see an average real term gain of more than £500, following George Osborne's announcement to raise the income tax threshold.
During the Budget speech, he said personal tax-free allowance will increase to £10,800 next year and £11,000 the year after.
Latest ITV News reports
Government minister, Guto Bebb, says party should apologise for breaking manifesto promise not to raise National Insurance contributions.
A summary of the key points of Budget 2015 for groups including savers, families and businesses.