Welsh Government budget – good for construction?
As we are writing the newsletter details of the Welsh Government budget are emerging. We give you the headlines and fuller analysis in January to follow
The first details of the Welsh Government's budget have been made public and for the first time in a decade every Welsh Government department will see an increase in funding from next April.
Over half of the budget is to be spent on health as funding for the NHS will increase by £342m - a total of £8.74 billion in 2020-21 which is a 4.75% increase in cash terms. Local authorities will receive nearly £4.5bn in core revenue funding and non-domestic rates to spend on delivering key services – an increase of £184m from 2019-20.
There is an extra 7% going to education while spending on the economy and transport receives 15% increase. Among the spending promises are £4.5m for a National Forest and £25m of capital funding to develop near-zero carbon homes as well as £29m for electric buses and refuse vehicles.
What does that mean for Welsh construction? It might mean more funding for infrastructure but one of the key headlines has to be the funding to develop near zero carbon homes. It also begs the question about the refurbishment of existing homes and energy improvement works across the country. We plan to look at all of the numbers and what it means for Wales and the whole of the built environment supply chain in January.