Spring Budget 2024: Welsh Economy — [Peter Dowd in the Chair]

Part of the debate – in Westminster Hall at 3:02 pm on 17 April 2024.

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Photo of Fay Jones Fay Jones The Parliamentary Under-Secretary of State for Wales 3:02, 17 April 2024

Indeed. It shows what Welsh women can do when we get together.

Turning to the matter at hand, it is absolutely clear that the Conservative Government have a plan to deliver the long-term change that our country needs and that that plan is working. We have seen yet again today that inflation has fallen by over half its recent peak. The cost of living pressure is easing, and economic growth is more resilient than previously suggested. Debt is also forecast to fall. But the recovery is not over yet, and it is at risk from other political parties that do not have a plan for the economy and are instead making unfunded promises that will take us back to square one.

With the economy now turning a corner, the Chancellor has been able to make further tax cuts responsibly to boost growth across Wales and the UK by ensuring that working people keep more of their hard-earned money. Thanks to announcements made in both the autumn statement and the spring Budget, we have seen national insurance cuts benefit 1.2 million workers in Wales.