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The Chancellor’s Autumn Statement was good news for Wales. Not only does it help build an economy that works for everyone across Wales and the rest of the UK, it provides a significant over £400 million uplift in the Welsh Government’s capital budget. This comes as a result of the Chancellor’s decision to focus on infrastructure, and will allow the Welsh Government to make decisions that will help people across Wales.

The move to a single fiscal event will be made after the spring Budget in 2017. There will be a second Budget before the end of 2017 to switch to the new timetable, which will then be followed in future years.

We were also asked to provide an indicative rate for the National Living Wage from April 2018. This is inevitably uncertain because pay forecasts are likely to change, but using those available in October we project that the on-course rate will lie in a range of £7.80-£7.91. Using its forecasts published today, the OBR estimates a figure of £7.90. For 2020, the LPC’s projected rate for 60 per cent of median earnings is £8.61, within a range of £8.50 to £8.73. Using its forecasts published today, the OBR estimates a slightly higher figure, of £8.80.

NIC study on Cambridge-Milton Keynes-Oxford corridor – The government welcomes the NIC’s interim report into the Cambridge-Milton Keynes-Oxford growth corridor, accepts the recommendation for an Oxford-Cambridge expressway,14 and will provide £27 million in development funding. The government will also bring forward £100 million to accelerate construction of the East-West Rail line western section and allocate £10 million in development funding for the central rail section. The government welcomes the NIC’s work looking at a range of delivery models for housing and transport in the corridor, including development corporations, and will carefully consider its final recommendations. Following a successful public call for ideas, the government has also asked the NIC to undertake a new study on how emerging technologies can improve infrastructure productivity.

The UK government’s decisions today mean a secure economy based on the broad shoulders of the UK, more funding and more powers for Scotland.