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Chancellor's caused uncertainty for first time buyers in Wales says Welsh minister

Mark Drakeford was questioned in the Senedd about how he'd respond to the Chancellor's tax-break for first time buyers. Credit: Senedd TV

Finance Secretary Mark Drakeford says he will reflect on how to respond to the Chancellor's decision to exempt first time buyers from stamp duty, unless they're buying a home worth more than £300,000.

If he takes no action, the tax break will end for Welsh first time buyers next April, when stamp duty will be replaced in Wales by Land Transaction Tax, payable on the purchase of all properties worth over £150,000.

Professor Drakeford was asked by the Tory Group AM Mark Reckless if Welsh first time buyers would have to rush to buy their homes.

They will not be knocked over in the rush because the number of first time buyers in Wales, who are buying home worth £300,000, means that it will be perfectly possible to form an orderly queue.

I will do my best to resolve the uncertainty created by the Chancellor today by coming forward with proposals that I will [first] reflect on.

– Finance Secretary Mark Drakeford AM

£400 million extra "won't meet needs of Wales" says Finance Secretary

Mark Drakeford gave his instant response to the Auntmn Statement to AMs Credit: Senedd TV

Finance Minister Mark Drakeford has told AMs that the Welsh Government will make the most of extra money from the Chancellor. But he added that £400 million over five years was not going to meet the needs of Wales.

The Chancellor should grasp the urgent need to invest in the UK economy

– Finance Secretary Mark Drakeford AM

Mr Drakeford said the money announced today wouldn't make upo to the 33% cut in the Welsh Government's capital budget since 2010. It's currently £1.5 billion a year.

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