Wales: Economic Investment Projects

Lord Wigley Excerpts

Tuesday 12th July 2016 Lords Chamber

Asked by

[Lord Wigley]

To ask Her Majesty’s Government what discussions they have had with the Government of Wales in relation to the financing of economic investment projects in Wales from 2020 onwards.

[The Commercial Secretary to the Treasury (Lord O'Neill of Gatley) (Con)]

My Lords, Ministers regularly meet to discuss issues relating to the economy of Wales. The role and ambition of the Welsh Government in economic investment in Wales is clearly important. They are responsible for a significant proportion of capital spending in Wales, with £8.7 billion of capital block grant funding up to 2020-21. Through the Wales Act 2014, they are gaining new tax and borrowing powers that can be used to further increase investment.

[Lord Wigley (PC)]

My Lords, with your indulgence, may I thank people in every party and of no party and in all parts of these islands for the warm support given to Wales in the recent Euro 2016 tournament? This is already bringing an economic spin-off for Wales by way of a surge in tourist inquiries.

As the Government are committed to delivering Brexit, will the Minister confirm that they will also honour the commitments on which the Brexit vote was secured, including the vow that the European structural funds from which Wales is currently benefiting will be fully replaced by UK Treasury funding?

[Lord O'Neill of Gatley]

My Lords, as a keen football supporter, let me also add my congratulations on the performance of Wales. I look forward to Manchester United signing some of those players. On the specific question from the noble Lord, that is a matter for the next Prime Minister. What has been committed to in the specific deals between this Government and the various places, particularly Cardiff city, will of course be stood behind.