Wales Finance Secretary has welcomed the new UK
Government's first Budget and the additional £1.7bn it will bring
to Wales over two years.
Speaking after the Chancellor's statement, he said it was a first
step towards “repairing the damage caused over the last 14 years
by previous UK governments”.
And he said – the UK's first ever female
Chancellor – was listening to Wales by investing in coal tip
safety and increasing Wales' capital budget.
Finance Secretary, said:
“This is a Budget focused on fixing the foundations; rebuilding
public services and creating a pathway of investment for growth.
“It marks the first steps in the right direction after 14 years
of economic mismanagement by previous UK governments and the
impact its decisions have had on people and communities.
“It is clear the Chancellor is listening to what Wales needs. I
look forward to working with the UK Government on our other
priorities, including securing fair funding for rail.”
Following today's UK Budget, the Welsh Government's settlement
for 2025-26 is more than £1bn higher than it would have been
under the previous UK Government. Taking 2024-25 and 2025-26
together, the settlement is around £1.7bn higher compared to what
it would have been.
The UK Budget included the following for Wales:
- £1.7bn of extra funding for public services and capital
investment in Wales.
- £25m to support the Welsh Government's ongoing investment to
make coal tips safe
- Moving to the next stage on the Celtic Freeport with
designation of the tax sites
- Support for green hydrogen projects in Milford Haven and
Bridgend
- Ended mineworkers pension fund injustice
- Increase in National Living Wage for tens of thousands of
workers in Wales.
The Finance Secretary added: “The additional funding is welcome
and while the Chancellor's Budget is designed to create growth
the wider financial context is still difficult.
“We will be making our spending decisions as we develop our Draft
Budget in the weeks ahead.”
