Welsh Conservative Shadow Cabinet Secretary for Finance, Nick Ramsay AM, has welcomed the Chancellor’s budget, which he says will build a stronger, fairer and better Wales.
The Chancellor has announced significant, positive developments for Wales in his budget speech this afternoon:
· The Welsh Government’s resource budget will be boosted by £150 million through to 2019-20 and its capital budget by £50 million through to 2020-2021, building on the £400 million increase to the Welsh Government’s capital budget announced at Autumn Statement.
· Personal allowance will increase to £12,500 by 2020-21, which will reduce the income tax bill for 1.4 million individuals in Wales in 2017-18.
· Researchers in Wales could also benefit from a new £270 million Industrial Strategy Challenge Fund which brings together business and academia to focus on productivity-boosting solutions for industries of the future.
Commenting on the Chancellor’s budget, Nick Ramsay AM, said:
“Today’s budget sets out a comprehensive plan to secure our long-term economic future and build a stronger, fairer and better Wales.
“Our strong economy is built on resilience, so I’m pleased to see the Chancellor continuing to reduce the deficit, not shirking the difficult decisions on tax and spending, while still investing in Wales’ future.
“Significant investment by the UK Conservative Government in areas such as social care, schools and health in England delivers a ‘Budget-bonus’ for the Welsh Government and builds on the £400m boost to funding in last year’s Autumn Statement.
“It is imperative the Labour-led Government in Cardiff Bay uses this additional funding wisely to support people, communities and businesses across Wales.
“For example, the Chancellor has provided substantial support to businesses over the border but the Welsh Government has sadly been behind the curve when it comes to backing the lifeblood of our economy – and businesses across Wales deserve better.
“By investing in the future, this is a Budget that will allow Wales and the United Kingdom to make the most of the opportunities ahead and deliver a country that works for everyone.”
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