Budget 2016
George Osborne MP has delivered his budget for the next financial year. The tolls on the Severn Crossings will be halved from 2018, a new 'lifetime ISA' is being introduced and flood defences will be given a £700million boost.
George Osborne MP has delivered his budget for the next financial year. The tolls on the Severn Crossings will be halved from 2018, a new 'lifetime ISA' is being introduced and flood defences will be given a £700million boost.
Wales Economy Minister Edwina Hart has announced the establishment of the Port Talbot Waterfront Enterprise Zone to help create economic growth and jobs for the area recently hit by steel job losses.
Yesterday Chancellor George Osborne announced in his budget that ministers in London will work with those in Cardiff to create the enterprise zone.
It'll offer financial incentives to companies based there, including tax and business rate breaks, and was one of the key actions to come out of the Tata Steel Task Force to help support the steel industry.
The recent announcement of job losses at Tata in Port Talbot is the latest blow to the steel industry in Wales.
As such a major employer this will have a knock-on effect for the local economy and we are determined to do all that we can to support the area and the local supply chain.
We will deploy a range of incentives for existing and new business in the Zone, and today I am announcing a targeted Business Rates offer for qualifying businesses for the coming financial year.
Also, following very productive discussions with HM Treasury, the Chancellor announced in his Budget yesterday the offer of Enhanced Capital Allowances for the Zone, subject to agreement with my officials on the boundaries.
This is a very welcome development and will make the Enterprise Zone more competitive and be a strong incentive for new investment.
Plaid Cymru leader Leanne Wood has welcomed today's budget announcement of a tax on sugary drinks.
A surprise Budget announcement by then-chancellor George Osborne back in March 2016, the Lifetime Isa has finally come into practice.
Government sources say this was a budget from a Chancellor prepared to invest in Wales, no doubt May's Welsh election was also in his mind.