Response to the Chancellor’s Spring Statement

The Cabinet Secretary for Finance and Welsh Language, Mark Drakeford said:

“What we're seeing today is encouraging for Wales. The global economic picture remains difficult — nobody is pretending otherwise — but the UK Government's plan is working. The economy is stabilising, it's growing, and people in Wales will feel the benefit of that.

“We can be proud productivity in Wales has grown faster than the UK average, making a real contribution to the economy.

“The proof is in the investment coming Wales's way. Two AI Growth Zones, a £14bn rail investment, a defence growth deal — Wales is open for business, and investors and businesses are taking notice.

“Today the Chancellor has added to what has already been a period of increased of funding for Wales. Half a billion pounds more, on top of what we have already secured — that is the difference it makes when two governments share the same values and actually work together. People in Wales will feel that in their NHS, in their schools, in their communities.

“After 14 years of cuts and difficult decisions, we are moving clearly in the right direction with the economy growing and interest rates coming down, all of which will have an impact on people’s lives.”