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09/10/2013
Over £600m Funding Boost Announced For Wales
A £617.5m funding boost for housing, transport and business growth to support the Welsh economy will help improve educational attainment, tackle poverty and protect the vulnerable, Finance Minister, Jane Hutt has announced.
The investment will create or sustain 11,000 jobs across Wales over the next three years, providing much needed employment and apprentice opportunities in the construction industry.
This means that, since publication of the Wales Infrastructure Investment Plan in 2012, we have contributed additional capital investment of £2bn to provide a major boost to economic growth and jobs in Wales.
Since 2010, the Welsh Government's capital budget – used to invest in infrastructure such as roads, schools, hospitals and housing – has been cut by 33% in real terms by the UK Government as a result of their programme of austerity cuts.
Investments in transport networks across Wales include £62m for phase one of a new scheme to create a South East Wales metro system through better bus and rail links. Other transport investments include: £40m for dualling of the A465 between Gilwern and Brynmawr, £40m for improvements to the M4 Brynglas Tunnels and £17m for improvements to the A55 in North Wales.
£170m will be invested in housing – including £140m between 2014/15 and 2015/16 for Help to Buy Cymru – a new shared equity scheme for Wales to help people to purchase new build homes. This is in addition to the £34.5m which will be invested in the scheme during the current financial year. This will create an investment of over £800m in an estimated 5,000 new build homes.
Investments in promoting economic development include £82m for Finance Wales funds to provide access to finance for SMEs, support business growth, exports and create and safeguard jobs.
Velindre NHS Trust are also looking at the development of a new Cancer Centre, with an estimated cost in the region of £200m, to ensure Welsh NHS patients continue to receive the best care and cancer treatments. The Trust is working with its partners to identify innovative finance opportunities for attracting the capital investment which will increase Velindre’s reputation as a Centre of Excellence.
Jane Hutt said: "Since 2010, the UK Government has made significant cuts to our capital budget. By 2015-16 it will be 33% lower in real terms than in 2009-10.
"The tough economic conditions continue but I am determined to use every pound available to invest in infrastructure and boost economic growth in the long-term.
"The new £617.5m Capital investment package I am announcing today will deliver real benefits across Wales, creating or supporting more than 11,000 jobs over the next two years, providing longer term growth benefits and better infrastructure for key public services.
"In addition to developing a range of innovative financing schemes to boost our Capital investment, we will also take every opportunity to use European funding to maximise our investments in essential infrastructure that support growth and jobs across Wales."
(CD/IT)
The investment will create or sustain 11,000 jobs across Wales over the next three years, providing much needed employment and apprentice opportunities in the construction industry.
This means that, since publication of the Wales Infrastructure Investment Plan in 2012, we have contributed additional capital investment of £2bn to provide a major boost to economic growth and jobs in Wales.
Since 2010, the Welsh Government's capital budget – used to invest in infrastructure such as roads, schools, hospitals and housing – has been cut by 33% in real terms by the UK Government as a result of their programme of austerity cuts.
Investments in transport networks across Wales include £62m for phase one of a new scheme to create a South East Wales metro system through better bus and rail links. Other transport investments include: £40m for dualling of the A465 between Gilwern and Brynmawr, £40m for improvements to the M4 Brynglas Tunnels and £17m for improvements to the A55 in North Wales.
£170m will be invested in housing – including £140m between 2014/15 and 2015/16 for Help to Buy Cymru – a new shared equity scheme for Wales to help people to purchase new build homes. This is in addition to the £34.5m which will be invested in the scheme during the current financial year. This will create an investment of over £800m in an estimated 5,000 new build homes.
Investments in promoting economic development include £82m for Finance Wales funds to provide access to finance for SMEs, support business growth, exports and create and safeguard jobs.
Velindre NHS Trust are also looking at the development of a new Cancer Centre, with an estimated cost in the region of £200m, to ensure Welsh NHS patients continue to receive the best care and cancer treatments. The Trust is working with its partners to identify innovative finance opportunities for attracting the capital investment which will increase Velindre’s reputation as a Centre of Excellence.
Jane Hutt said: "Since 2010, the UK Government has made significant cuts to our capital budget. By 2015-16 it will be 33% lower in real terms than in 2009-10.
"The tough economic conditions continue but I am determined to use every pound available to invest in infrastructure and boost economic growth in the long-term.
"The new £617.5m Capital investment package I am announcing today will deliver real benefits across Wales, creating or supporting more than 11,000 jobs over the next two years, providing longer term growth benefits and better infrastructure for key public services.
"In addition to developing a range of innovative financing schemes to boost our Capital investment, we will also take every opportunity to use European funding to maximise our investments in essential infrastructure that support growth and jobs across Wales."
(CD/IT)
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