The draft Budget has been developed amidst the toughest financial situation Wales has faced since the start of devolution.
As a result of inflation, Wales’ overall budget is worth £1.3 billion less in real terms since it was set in 2021. Wales’ settlement, which largely comes from the UK government in the form of a block grant, is not sufficient to respond to the extreme pressures public services, businesses and people are facing and has not been uplifted by the UK government to recognise the current economic context.
Ministers have faced stark and painful choices as they have radically reshaped spending plans to focus funding on the core public services which matter most to people.
The draft Budget will be published later today.
