Spending Review and Autumn Statement

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 1:38 pm on 25 November 2015.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State 1:38, 25 November 2015

The Welsh block grant will rise in cash terms and will be worth £15 billion—over £500 million more than this year. There is also additional capital investment, and £900 million more is available for investment in Wales. Today we have made the historic announcement about a Welsh funding floor, which addresses long-held concerns in Wales that it is under-protected and not fairly treated by the Barnett formula. We have addressed that by building on work that has been done over many years by people such as Professor Holtham, and I am sure the hon. Gentleman agrees with me that this is a good deal for Wales.