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05/10/2017

Welsh Budget backs affordable homes push

Words: Roger Milne
Mark Drakeford / National Assembly for Wales

Finance secretary Mark Drakeford has unveiled a draft budget for Wales covering the period 2018-19, which confirms the release of £340 million to support the building of 20,000 affordable homes.

It also includes £50 million to develop a new rail station and park-and-ride facility at Llanwern, Swansea.

Further detailed spending plans will be published in three weeks’ time.

As part of the Budget announcement, the minister revealed he was considering a shortlist of four new Welsh tax ideas, including a levy on vacant land and a tourism tax. Each of these will be developed further over the course of this year and one new tax idea will be proposed to the UK Government in 2018 to test the Wales Act powers.  

The Budget is a significant milestone in Wales’s devolution as from April 2018 Wales becomes responsible for raising a proportion of its own revenue from Wales’s two new taxes – land transaction tax and landfill disposals tax – to spend on public services.

The figures published this week (3 October) include £7.5 million for targeted flood prevention measures around Newport, £140 million for flood and coastal management and an additional £14.9 million for regeneration projects, chiefly in the shape of community facilities and hubs.

Image credit | National Assembly for Wales

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