Budget Statement

Lord Davies of Gower Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Davies of Gower (Con) [V]]

My Lords, I begin by congratulating the noble Lords on their maiden speeches. Noble Lords do not need me to remind them how significant this Budget was for the whole United Kingdom at a time when stability for our economy is more important than ever. Support for our nations was essential and, on that score, the Chancellor delivered. Indeed, as a result of the policies announced in last week’s Budget, the devolved nations as a whole benefit greatly in Barnett consequentials. In particular, I was delighted to see the support that central government gave to my home nation of Wales. In fact, taken together with the additional funding in last year’s spending review, the devolved nations are receiving an additional £7.2 billion from the UK Government in 2021-2 through the Barnett formula. That is on top of the UK-wide measures announced last week, which saw Wales alone benefit by an additional £740 million under Barnett.

Purely from a Wales perspective, I was more than delighted to see the match funding provided by the Treasury of up to £30 million towards the global centre of rail excellence, which will create up to 120 high-skilled jobs in Port Talbot and highlight Wales as a hub for research and development investment and rail technology. Additionally for Wales, the Budget announcement that central government is to invest £4.8 million to pilot a hydrogen hub in Anglesey, creating local highly skilled green jobs that will reduce UK transport emissions, is an exciting prospect for an area in need of financial investment. The news that the Government are reprofiling three city and growth deals by bringing £58.7 million forward from 15 years to 10 in Swansea Bay, north Wales and mid Wales is again encouraging, and evidence of the commitment to supporting devolution.

Wales continues to benefit from the UK-wide support schemes that the Government have put in place. Over 400,000 jobs have been saved through the furlough scheme and 295,000 self-employed people have benefited from self-employed grants, while the loan guarantees schemes have supported over 57,000 Welsh businesses. Lastly, I very much look forward to progress being made in the discussions to deliver freeports to places such as Holyhead in Anglesey, which play such an important part in our national economy. Overall, it is a brave budget and the Chancellor is to be congratulated.