Skip to content
Advertisements

Will Wales benefit from the Chancellor of the Exchequer budget?

181026145305-t-series-youtube-screenshot-exlarge-169

The Welsh Government could get more money as a result of the spending plans that will be set out in the Chancellor’s budget on Monday.

Phillip Hammond is expected to announce £ 25.5bn to the Highways of England in order to upgrade roads between 2020 and 2025 – schemes that will be funded mainly by car tax.

Match expenditure will be given to the Welsh Government, but the Westminster Treasury refuses to confirm the exact amount of money until the budget is delivered at 15:30.

When money is spent on transport in England, a special funding formula ensures that the Welsh Government also receives money.

If the UK Government funds the plans by giving less money to other areas, there will be no more money for Welsh Government’s bookmarks.

Chancellor Hammond could also boost high street businesses in England.

On Saturday there were reports that the budget will secure £ 1.5bn of business rate relief, plans to regenerate the high street and transport links in England.

Welsh Secretary Alun Cairns said the Welsh Government should also secure a financial boost for high street businesses in Wales.

The Welsh Government will decide how they will spend any extra money.

‘Decade to reduce’

First Minister Carwyn Jones has said that Welsh councils will be the first to benefit if Wales gets more money in the budget on Monday.

Finance Secretary Mark Drakeford added that progress should be in public spending: “We constantly have called for the Government’s stubborn policy to end because it is a failure.

“While I have been very warmly welcomed to the recent comments of Prime Minister Theresa May that stress is over, I’m looking forward to seeing how this happens in practice.

“It’s time for the UK Government to increase public spending in order to meet the increasing demands of public services and compensate for the damage that has been made by a decade of cuts.”

Mr Drakeford said he also wanted the Welsh Government to borrow more money for construction projects.

“There is still great pressure on the resources available to the Welsh Government to invest in infrastructure,” he said.

“We’re not using our loan capabilities to the full but to continue to implement our spending priorities we have to get more money.”

The M4 relief road is currently the main scheme that is being considered by the Welsh Government, with the South Wales Metro second.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: