- UK Government will provide a record £18 billion per year to the Welsh Government.
- Wales will also benefit from UK-wide support for people and businesses, green jobs and investment to level up opportunities.
- Targeted funding will support local projects across Wales, including road and infrastructure improvements, investment in local communities and funding for businesses.
The Chancellor today (27 October) announced Barnett-based funding for the Welsh Government of £18 billion per year – delivering the largest annual funding settlement since devolution over 20 years ago. This includes a £2.5 billion per year spending boost as part of a Budget and Spending Review that delivers a stronger economy for the whole of the UK.
Rishi Sunak set out a plan to deliver the priorities of the British people by investing in stronger public services, levelling up opportunity, driving business growth and helping working families with the cost of living.
As part of the significant spending plans, Wales will receive an average of £18 billion per year in Barnett-based funding representing a 2.6% rise in the Welsh Government’s budget each year. The Welsh Government will now receive around £120 per person for every £100 per person of equivalent UK Government spending in England.
£140 million to provide revenue support for hydrogen production, including the Holyhead Hydrogen Hub, and heavy industrial firms across the UK who adopt carbon capture, utilisation and storage.
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