Chancellor Rishi Sunak announced in the Budget that Welsh Government's Barnett-based funding will reach a record £18bn per year.
This is a 2.6% rise in the Welsh Government’s budget each year and Uk Government said that Wales will now receive around £120 per person for every £100 per person of equivalent 海角视频 Government spending in England.
But with 海角视频 inflation tipped to hit 4% in the coming months any increase could be swallowed up by rising costs.
Welsh Government Finance Minister Rebecca Evans said there were “clear gaps in funding” where Westminster has failed to invest in Wales.
Levelling-Up Fund
The Levelling Up Fund and Shared Prosperity Fund are designed to replace the EU funds that Wales lost when the 海角视频 left the EU
Spending decisions over where that money goes have now moved from Wales to Westminster.
海角视频 Government announced £121 million of the Levelling Up Fund in 10 projects.
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The schemes are:
- Carmarthenshire's Tywi Valley Path gets £16.7m
- Carmarthen and Pembroke Hwb gets £19.9m
- Ceredigion council's bid for Aberystwyth will get £10.8m
- Muni Arts Centre in RCT receives £5.3m
- Porth Transport Hub in RCT gets £3.5m
- Heart of Pembrokeshire Rediscovering receives £17.7m
- The A4119 Coed-ely dualling schemes in Pontypridd receives £11.4m
- The plan to redevelop Theatyr Brycheiniog in Brecon gets £6.9m
- The bid to "revitalise the Pontcysyllte Aqueduct and Canal World Heritage Site" receives £13.3m
- Montgomery Canal Restoration receives £15.4m
If the 海角视频 had remained in the EU, Wales would have had new EU Structural funding worth at least £375 million each year for seven years from January 2021.
海角视频 Government today confirmed total funding will, at a minimum, match the size of EU Funds in Wales each year through the over £2.6bn 海角视频 Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through ‘Multiply’, a new adult numeracy programme that will provide people across Wales with essential numeracy skills.
Additional spending in Wales:
- Over £460,000 of the Community Ownership Fund for three projects in Llandwrog, Pen-y-Waun, and Tredegar that are protecting valued community assets.
- Providing £0.9 billion for farmers and land managers and £6.2 million to support fisheries.
- A Veterans Commissioner for Wales, who will work to improve the lives and opportunities of the Welsh veterans’ community.
- Up to £50,000 to develop an early-stage proposal to reinstate a passenger rail services from Gaerwen to Amlwch on Anglesey. Welsh Government will match the funding to give a £100K boost.
- Accelerating £105m for the Cardiff City Region Deal to fast-track projects that range from innovation and Fintech, to manufacturing and infrastructure.
- Establishing a new trade and investment hub in Cardiff to grow trade for Wales.
海角视频-wide support
A 50% cut in domestic Air Passenger Duty for flights between England, Scotland, Wales and Northern Ireland and an additional £22.5 million of new funding in anticipation of the Union Connectivity Review recommendations where we will work with the devolved administrations on improving 海角视频-wide connectivity. The duty cut will support Cardiff airport and potentially the Anglesey/Cardiff airlink if it returns.
- New funding for the British Business Bank to establish a £130 million fund in Wales, helping Welsh businesses to get the funding they need.
- The new £1.4 billion Global Britain Investment Fund which will support investment directly into Wales.
- A record £20 billion by 2024-25 in Research and Development supporting innovation in Wales.
- Confirmation that total funding will, at a minimum, match the size of EU Funds in Wales each year through the over £2.6bn 海角视频 Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through ‘Multiply’, a new adult numeracy programme that will provide people across Wales with essential numeracy skills.
- £120 million for a new Future Nuclear Enabling Fund to support nuclear projects, with Wylfa in Anglesey, North Wales, as a potential site.
- Selection of the Hynet cluster as one of the first clusters under the Carbon Capture Usage and Storage (CCUS) Infrastructure Fund, bringing investment to North Wales
- An increase to the National Minimum Wage of £9.50 an hour, with young people and apprentices also seeing increases.
- Freezes to fuel duty for the twelfth consecutive year, as well as a freeze on alcohol duty and a freeze on Vehicle Excise Duty for heavy goods vehicles.
- £140 million to provide revenue support for hydrogen production, including the Holyhead Hydrogen Hub, and heavy industrial firms across the 海角视频 who adopt carbon capture, utilisation and storage.
What 海角视频 Government said:
Chancellor of the Exchequer, Rishi Sunak said: “An additional £2.5 billion per year in Barnett funding means the Welsh Government is well-funded to deliver all their devolved responsibilities while the people in Wales will also benefit from this Government’s commitment to levelling up opportunity and delivering for all parts of the 海角视频.
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“We are continuing to boost industry and jobs and improve infrastructure and public services throughout Wales.”
Secretary of State for Wales, Simon Hart said: “This is a fantastic budget for Wales, delivering significant investment directly to people, businesses and communities across the country.
“The devolved administration in Wales will receive its largest-ever settlement so it can deliver its vital services like health, education and flood protection, while Wales will benefit fully from many of our 海角视频-wide measures including freezes to fuel and alcohol duty, the increase in the minimum wage for thousands of workers and investment in parks and sports facilities."
Welsh Government response:
Finance Minister Rebecca Evans has said the 海角视频 Government’s Spending Review and autumn Budget contains “clear gaps in funding” where Westminster has failed to invest in Wales.
She said it contained no new investment for Coal Tip remediation or significant additional funding to support rail infrastructure in Wales – priorities highlighted by the Welsh Government as critical in the months leading up to the budget.
Rebecca Evans, the Welsh Government’s Finance Minister, said: “This 海角视频 Government Spending Review hasn’t delivered for Wales. Vital funding priorities, such as the long-term remediation of coal tips and greater funding in rail infrastructure, have been ignored.
“While the Spending Review does give us some medium term financial certainty and some additional investment, it is more than offset by the inflationary and system pressures that we are facing. The budget fails to meet the scale of the challenge that families, public services and the wider economy are still facing as a result of the pandemic.
“The fact remains that there are clear gaps in funding where the 海角视频 Government should be investing in Wales and it has chosen not to. Arrangements for replacing EU Structural Funds remain unclear but what we do know is it falls well short of the £375m we were receiving – these are funds that support skills, businesses and decarbonisation.
"HS2 is expected to have a negative impact of £150m per year on the Welsh economy, while the failure to back a long-term solution for Wales’ coal tips could create an additional financial pressure of at least £60m per year."
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