The Welsh economy faces enormous headwinds and the consequences of economic shocks have been pushed into the lives of families and businesses everywhere.
There can be no doubt the UK Government has heaped home-made, preventable harm on top of global crises that have seen the UK’s economic forecasts slump to the bottom of the G7 table. This would be bad enough in normal times, it is unforgivable now and it has serious, specific implications for Wales.
It means a smaller Welsh Government budget over the coming years, squeezing opportunities for investment in growth-enhancing activity on skills, innovative business support and much needed infrastructure projects. Any analysis of the levers available via Welsh rates of income tax demonstrates that the Welsh Government simply cannot raise enough, fairly enough to make good the holes created by the economic crisis and ensure higher pay in our public services.
