Chancellor Jeremy Hunt has announced an extra £1.2bn for the Welsh Government in his autumn statement as part of several measures to "restore stability, bring inflation down and balance the nation's books". At the Commons, the chancellor said that the Office for Budget Responsibility believed the UK was already in recession and said that the government would "asking more from those who have more" as they moved to raise more money through tax.
Some of the biggest announcements came in the form of additional cost of living payments for the vulnerable, a rise in state pension, and a new minimum wage set to be introduced next year.
In other changes, electric cars will no longer be exempt from road tax. Tax free allowances for dividends and capital gains tax will also be cut. But infrastructure projects like HS2, the Sizewell C nuclear plant and Northern Powerhouse rail will go ahead. The chancellor also said that the government would support the advanced technology research centre in Wales.
