The Chancellor says his Budget includes an extra £200 million for the Welsh Government to spend.
Chancellor announces extra £200m for Welsh Govt as result of spending in England in his budget.
Details of the £200m: £150m over 3 years + £50m capital over 4 years as result of business rates, skills & social care spending in England
Welsh Govt source: extra £200m has to be seen in wider context of cuts; Welsh Govt’s budget is around £1n lower than in 2009/10.
Businesses hit by business rate increases in England are to get extra help, including a £300 million discretionary fund to help the worst hit and a £1,000 discount for most pubs.
It will be up to the Welsh Government to decide whether to offer more help to businesses in Wales.
Chancellor announces moves to help English small firms on business rate rises; Welsh Govt announced own scheme recently but will it do more?
The Chancellor has begun his Budget speech with his take on the overall state of the economy.
Philip Hammond highlighted a fall in unemployment, which he said has been fastest in Wales.
Chancellor Philip Hammond has revealed to ministers the main themes of Wednesday's Spring Budget.
The Budget is intended to help young people get the skills they need to perform high-skilled and high-paid jobs in future, and give more children the opportunity to go to a good or outstanding school.
Another key theme is to bring down the deficit so the country can "get back to living within its means".
Mr Hammond said the UK economy had continued to show evidence of "fundamental robustness and resilience", but warned further austerity measures are on the cards with deficit and debt "too high".
Thousands of workers across Wales will see their wages rise to a minimum of £7.20 an hour next year. But others will see their benefits cut.Read the full story ›
A summary of the key points of Budget 2015 for groups including savers, families and businesses.Read the full story ›
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.
This is a Budget to help secure Wales' future. It is a Budget that will cement the economic recovery in Wales, that backs business in Wales and that will make a real difference to the lives of hardworking people right across our nation. It comes on the day that unemployment is falling and more people in Wales are benefiting from the security of a meaningful job, a regular wage and a better standard of living.
But the Shadow Welsh Secretary, Owen Smith, condemned what he called "another dodgy budget from this dodgy Tory Chancellor".
Wales can only look forward to more cuts if the Tories win again in May. The Office of Budget Responsibility confirms that George Osborne is now planning to make even bigger cuts to public services in the next Parliament than he made in this one. That will mean massive cuts to Wales and to the police, the schools and the hospitals that we all rely on. There is no way that Wales can afford five more years of the Tories and Liberals bunging tax cut to their mates in the hedge funds, while increasing VAT and prices for working class families.
Plaid Cymru's Treasury spokesperson, Jonathan Edwards, also accused the Chancellor of "sharpening the axe for billions more cuts to public services".
This was a 'jam tomorrow' Budget from a Chancellor who is busy sharpening the axe ready for the next parliament. The pre-election giveaways designed to pander to the Tory core vote mask the reality that in the next Parliament, our public services are set to suffer billions more austerity cuts supported by Labour.
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.
Yet again, we’re delivering further on our flagship income tax cut – straight from the front page of our manifesto into the pockets of millions of low and middle income workers. This is the first time the UK Government has recognised the detrimental impact tolls have on jobs and businesses across south Wales, and I very much welcome that. But Liberal Democrats would go much further, and if in government after the election we would scrap the tolls completely once the bridges return to public ownership in 2018.
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."
This moves the ambitions of Cardiff up a notch and this announcement today means access to funding to make that possible.
The City Deal is already forecast to have huge benefits on the economies of Greater Manchester, Leeds and Glasgow, and it’s predicted that Cardiff could match the economic benefits that Glasgow has received.
It’s great to be putting together a meeting with private sector business leaders from across Cardiff and the Cities Minister, Greg Clark MP, next Friday. It’s important that the public and private sectors work together to ensure the full potential of the City Deal for Cardiff is met and we secure the investment to make this possible.
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."
This is a major step forward for the City Council and for the city region.
Glasgow established a precedent for devolved nations when it received a City Deal worth £1.13billion. Around £500m of that was new money which came from Westminster.
The City Deal will involve an injection of fresh funding above the Barnett Formula. Money we otherwise wouldn’t receive.
This City Deal recognises the role Cardiff plays in creating jobs and driving the economy of South East Wales. Securing this deal will give a massive boost to the Welsh economy.