Welsh Finance Minister Sets out 2021-22 Budget
Posted on in Business News , Cycles News , Political News
Welsh Government Finance Minister Rebecca Evans MS has unveiled its ‘Protect, Build, Change' draft Budget for 2021/22.
In the first budget since the pandemic, the package delivers an extra £176 million for local government to support schools, social care and local services that have been critical to our response to the pandemic. The package includes a £10 million boost to the Social Care Grant, which now stands at £50 million, in recognition of the significant impact the pandemic has had on the sector.
Strategic spending plans included in the draft include investing in ‘Town Centre First' pilots to improve the diversity of services on high streets and £5m for a Town Centre Loans programme to support the conversion of properties into shops. A targeted tax reduction will also help businesses recovering from the worst of the pandemic. Most businesses purchasing non-residential properties costing less than £225,000 won't pay any Land Transaction Tax, as the threshold is raised by 50%.
£38m has also been allocated to support the transition towards electric vehicle charging. £77m has been allocated as part of an initial pandemic-response package to continue free school meal schemes and contract tracing.
Finance Minister Rebecca Evans said:
"As we plan for our first steps beyond the pandemic, this budget is designed to protect health and our economy, build a greener future and create change for a more prosperous, more equal, and a greener Wales.
Despite the most challenging circumstances we have ever faced as a government, I am proud to announce a budget that delivers on our values and provides sound foundations for the next administration.
While like for like funding per person in Wales remains below 2010 levels, our priorities will steer a course for stability, protecting what matters most and creating the change that is essential to a good recovery."
The Minister is expected to make an oral Statement on the draft Budget in the Senedd Cymru on 12th January 2021.