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The Budget

My hon. Friend reflects his conversations with businesses that could be providing valuable inward investment into Wales. I am keen to ensure that we smooth that path for inward investment. That is why on Monday I accompanied my hon. Friend Lord Green, the Minister for Trade and Investment, to Wales, specifically to look at the opportunities we can have with the Welsh Assembly Government, UK Trade and Investment and the Foreign Office. Yesterday I accompanied my right hon. Friend the Secretary of State for Business, Innovation and Skills to Wales specifically to look at some of our big organisations, including Tata, where we addressed the point raised by the hon. Member for Newport East in questions to the Chief Secretary on the carbon floor price. We looked at the successful operation of Ford at Bridgend. Once again, we met with a series of businesses and listened to what they were saying to ensure that we are bringing down those barriers for inward investment, as well as supporting those companies that have made that investment in Wales under whatever Government, because we need to retain those employers and ensure that we grow those businesses. We will also introduce a moratorium exempting micro and start-up businesses from new domestic regulation. The hon. Member for Pontypridd will want to know the answer to whether the Welsh Assembly Government will exempt those businesses from the regulation that is under their control. We will help first-time buyers purchase new build houses of their own to help not only the construction industry, but those purchasers as well. In England, we will provide households with 20% equity to top up their 5% deposit. That means that buyers will have access to conventional mortgages and will help them in making that first step onto the property ladder. The Welsh Assembly Government have been provided with the money for that for Wales. The Chartered Institute of Housing Cymru has called upon the Welsh Assembly Government to spend the full amount they have received on housing supply. I hope that they will provide the relief that we are providing to home buyers with Firstbuy in England and help to boost the recovery of the housing sector in Wales. Businesses tell me that they want Governments to work together, and planning systems to be more closely aligned and business-friendly in both England and Wales. Like me, they want to ensure that Wales is open for business. We have introduced a powerful new presumption in favour of sustainable development, but I have concerns that the changes that we are making to the planning regime, which we discussed earlier, will not be matched in Wales. I look forward to hearing what the Welsh Assembly Government will do to create the right business environment for growth in Wales, because in all those areas power rests with them and the onus is now on them to step up to the plate. I look forward to working with them to achieve our ambitions for a successful Welsh economy. Although it is the Government’s firm belief that future growth will come from business, we also believe that we need to rebalance the economy in a way that recognises that times are hard for many people, and that helps and protects the poorest people. The Budget sets out the next steps in realising the Government’s vision of a fair, simple and efficient tax, benefit and pensions systems—a vision that rewards work, saving and personal responsibility. I have already mentioned the changes to personal tax allowances, which will remove the burden of income tax from another 10,000 low-paid workers, and to fuel prices. I want to mention a couple of the other measures that we are taking. The work experience programme will give an estimated 5,900 young people in Wales, who have never worked before, the opportunity to develop work skills that will help them to secure permanent jobs in the future. With employers such as Hilton Hotels, De Vere, Carillion and McDonald’s already signed up, we can start to tackle one of the biggest barriers faced by unemployed young people.