Impact of the Spring Budget 2024 on the Welsh economy
There will be a debate on the impact of the Spring Budget 2024 on the Welsh economy on Wednesday 17 April at 2:30pm
The Chancellor of the Exchequer, Jeremy Hunt, presented the 2024 Spring Budget to parliament on 6 March. Supporting documents were published by the Treasury. The Library published a summary of the announcements made at the Budget, along with an overview of the Office for Budget Responsibility's (OBR's) economic forecasts which were also released. The Library also published a briefing providing a summary of reaction to the Budget, from selected think tanks, political parties and other organisations.
Spring Budget 2024 and WalesThe Government published a press release that presented some of the Budget’s policy announcements and how they would apply in Wales. For example, this included the announcement that the Welsh Government would receive an extra £170 million in funding for 2024/25 through the Barnett formula as a result of the Budget. The Welsh Government released a statement responding to the UK Budget, including to the changes to funding it receives from the UK government.
Shortly after the Budget, ITV news published a detailed look at specific measures and policies affecting Wales.
Information on the Welsh economyThe Library statistical briefing Regional and National Economic Indicators provides a summary and comparison of economic indicators for Wales, the other nations of the UK, and English regions. The Welsh Parliament’s Senedd Research service provided a review of latest labour market statistics in Wales in Labour market March 2024 update. The Welsh Government provides statistics on its Welsh economy in numbers: interactive dashboard.
In February 2024, the National Institute of Economic and Social Research (NIESR) think tank provided a review of economic conditions and forecasts for Wales in a presentation The Outlook for the Welsh Economy. Also in February, the Director of the Bevan Foundation think tank wrote an article for the website BusinessNewsWales, The Outlook for the Welsh Economy, which commented on NIESR’s forecasts.
In December 2023, the Chief Economist of the Welsh Government provided a detailed look at the Welsh economy and prospects. The Welsh Government’s annual report Wellbeing of Wales, 2023 provides statistics on the economy, as well as on other areas that make up its “7 national wellbeing goals”.
Further readingCommons oral questions were held on the impact of the Budget on businesses in Wales on 13 March - see Budget 2024: Businesses in Wales, HC Deb 13 March 2024, c 284-86