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The Chancellor’s decision to increase investment in research and development by £2 billion a year by 2020-21 should benefit thriving universities and research centres in Wales.

During a 12-month trial starting on Wednesday 16 November 2016, Thames Visitor Moorings (TVM), a private company run ‘by boaters for boaters’, will take over responsibility for managing usage and collecting fees at 21 of the 22 visitor mooring sites currently operated by the Environment Agency.

The government has therefore set new fiscal targets which aim for 2% underlying deficit and debt falling by 2020, and a balanced budget as soon as possible thereafter.

In the absence of an effective framework, the welfare bill in our country spiralled out of control, with spending on working-age benefits trebling in real terms between 1980 and 2010.

And we won’t be doing this alone. Through this project we hope to raise nearly $500 million from the private sector, including companies with a high dependency on water, as well as from national governments and development banks, so that together we can plan and construct water infrastructure for communities within SADC member states.