To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the Welsh economy of (a) raising and (b) removing the Welsh Government’s annual capital borrowing cap.
17 March 2020
Under the Wales Act 2014, the Welsh Government was given powers to borrow up to £125m per year from 2018-19 within an overall cap of £500m.
Following the Welsh Government’s Fiscal Framework of December 2016, the Wales Act 2017 increased the overall capital borrowing cap to £1bn and, from April 2019, the annual capital borrowing limit to £150m.
The Welsh Government have yet to use these powers.
The UK government is committed to supporting and delivering growth across the UK, including in Wales. There are 144,000 more people in employment in Wales than in 2010 and over 31,000 more businesses.