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We will always support a market led approach; but we will not be afraid to intervene where there is evidence of market failure.
The UK government’s decision to focus on infrastructure spending means that the Welsh Government’s budget will increase by more than £400 million through to 2020-21, giving it even greater spending power to boost productivity and promote growth in Wales. This is in addition to the £500 million the Welsh Government will be able to borrow to invest from 2018.
They will also mean that businesses cannot avoid tax by borrowing excessively in the UK to fund their overseas activities.
The additional investment in productivity and infrastructure that I have announced underscores that message…. And the raft of investments in the UK announced since the referendum – by Softbank, Glaxo, Nissan, Google and Apple amongst others, confirms it.
Families and ordinary working people will welcome the rise in the National Living Wage and changes to Universal Credit to ensure people keep more of what they earn. Together with a further freeze in fuel duty saving motorists on average £10 every time they fill up their car, today’s measures will provide greater financial security and help Northern Ireland prosper and grow.
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