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Extra £650 million to help Wales to tackle Coronavirus

 

The UK Government has provided the devolved administration in Wales with additional £650 million to help tackle coronavirus.

Funding can be spent now or carried over to spend in 2021/22 financial year, providing vital and unprecedented flexibility.

Money is in addition to the £5.2 billion already provided for this year through the unprecedented upfront Barnett guarantee, bringing the total to £5.85 billion

The UK Government has provided the Welsh Government with an additional £650 million to support people, businesses and public services affected by coronavirus.

This funding brings the total allocated through the Barnett formula to the Welsh Government since the start of the pandemic to £5.85 billion.

In recognition of the exceptional circumstances and in response to calls for flexibility, the Welsh Government will be able to carry over any of the £650 million not spent this year into the 2021/22 financial year on top of their existing tools to transfer funding between years.

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Following the announcement, Welsh Conservative Candidate for Vale of Glamorgan Matt Smith said: “This is excellent news from the UK Government. This help save jobs across the Vale of Glamorgan and help our communities who are struggling. It is vital the Welsh Labour Government ensures that the this funding reaches those who need it and help to rebuild our economy.”

Chief Secretary to the Treasury Steve Barclay said: “We’re committed to giving the Welsh Government the resources and flexibility it needs to tackle coronavirus and today we’re delivering an extra £650m boost.

“We have worked closely with the Welsh Government in advance of this announcement to ensure they have the certainty they need ahead of finalising their budget on 16 February.

“UK Treasury schemes such as furlough, support for the self-employed and business loans also continue to protect jobs and livelihoods across Wales.

Following the previous update on 24 December, this is expected to be the final update for 2020-21 as part of the process for finalising departmental funding at Supplementary Estimates. 

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