Additional £85m of capital investment announced to support Welsh economy

A capital investment package of £85 million has been announced for the Welsh economy.

Minister for Finance and Trefnydd Rebecca Evans said the investment features as part of the first Supplementary Budget 2019-20. This includes funding for:

– £50m to invest in local government social housing programmes, supporting the delivery of up to 650 homes across Wales and stimulating the construction industry with one year’s employment for around 1,000 people
– £5m to support the maintenance of the road network to enable a well-connected, reliable and resilient road network in all parts of Wales
– £10m for the Economy Futures Fund to support the delivery of the Economic Action Plan and strengthen the Welsh economy in the long term
– £20m for local government – in addition to the £100m package of capital funding over three years announced as part of the Budget.

The funding has been welcomed by Wrexham AM Lesley Griffiths, who said: “The Welsh Government has clearly stated the threats a no-deal Brexit poses to the Welsh economy but with that scenario an increasing possibility, its right and responsible of the Welsh Government to prepare for all outcomes.”

“The UK Government has completely failed to end the uncertainty surrounding Brexit but this investment would at least provide much-needed respite, helping stimulate the economy and protect key Welsh interests.”