Sunday, October 27, 2024

What Can Wales Expect From The Budget Next Week?

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Finance Secretary Mark Drakeford has said he does not expect ⁘a bumper Budget for Wales⁘ from Chancellor Rachel Reeves on Wednesday.

Drakeford said he had been ⁘in conversations⁘ with the Treasury and prime minister about coal tip safety , and he was ⁘hopeful that we will see a movement in that direction⁘ when it comes to paying for making former coal mines safe.

He added if it was not forthcoming this week then he expected it would be mentioned in the Spring statement.

Meanwhile, opposition parties warned that there would be negative impacts, particularly for rural Wales, in the Budget.

Sam Kurtz, Member of the Senedd for Carmarthen West and South Pembrokeshire and the Welsh Conservative's economy spokesman, said increases to National Insurance contributions for employers would ⁘negatively impact⁘ Wales' small and medium-sized businesses, and a hike in fuel duty would have a disproportionate impact on rural households.

Ceredigion Preseli MP Ben Lake MP, Plaid Cymru's Treasury spokesman, said he was ⁘very concerned⁘ about speculation that scrapping relief on inheritance tax for agricultural land, ⁘would devastate the family farm model that is the bedrock of the agricultural industry in Wales⁘.

Drakeford also said there would not be any changes to the model used to calculate how much money the Welsh government receive from the UK Labour government, despite Welsh Labour long campaigning for a shake-up to the Barnett formula .

He said one of the chancellor's most ⁘difficult decisions⁘ was cutting winter fuel payments to pensioners and making it a means-tested benefit.

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