Welsh Conservative Shadow Cabinet Secretary for Finance – Nick Ramsay AM – has welcomed the measures announced today by the Chancellor in the Autumn Statement.

The statement focused on economic stability, restoring the public finances and boosting productivity with substantial investment commitments announced for infrastructure projects that will provide an additional £400 million of capital funding over five years for the Welsh Government.

Working people across Wales will also benefit from an increase in the National Living Wage plus significant investment into universal credit – reducing the taper so people who progress in work keep more of what they earn.

The UK Government will also use LIBOR fines to provide £1 million funding to support the Air Ambulance Service in Wales, and over £1.5 million funding for Mind, to provide improved mental health support for emergency services staff in Wales and England.

He said:

“This is a hugely welcome Autumn Statement that once again demonstrates the Conservative Government delivering for working people.

“By restoring the public finances and building a stronger economy today’s announcements will ensure people’s money go further and we continue to improve living standards, which last year grew at their fastest rate in 14 years.

“The Chancellor’s decision to make substantial investments into infrastructure across the border will also provide significant sums of additional funding for Wales and it is vital this money is used wisely by the Labour Government.

“Wales’ creaking infrastructure requires urgent attention so businesses and hardworking people across our country are not left behind – the current inaction by the Welsh Government cannot continue.

“Welsh Conservatives would like to see positive decisions taken to ease some of the strategic pinch points across the country and show that Wales is well and truly open for business.

In addition, £16 million has been made available over the next four years in resource funding so that the Welsh Government can spend on business rates and public services. The UK Government has also announced a crackdown and ban on letting agents fees - in Wales, Labour have taken no such action to combat.

Ramsay added:

“The Cabinet Secretary for Finance has seen his pockets boosted and it is imperative this money is used to lift productivity, increase take home pay for people across Wales and improve the quality of life.

“Many businesses across Wales are also set to take a hammering with an increase in business rates next April and the extra funding made available should be used to support the lifeblood of our economy – small businesses.

“This statement is good news for the people and economy of Wales as we seek to embrace the opportunities and tackle the challenges that lie ahead.”