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The Budget

I want to make some progress. The new enterprise allowance will support about 1,800 unemployed people in Wales to start their own business. In its provision of mentoring and financial support, it is another example of how we are ensuring that new entrepreneurs are not held back by barriers such as obtaining finance or making the difficult transition from benefits. To help out-of-work home owners who are facing difficulties, we will extend the changes to the support for mortgage interest scheme for a further year. Some 7,100 home owners in Wales currently claim that support, which helps to reduce their mortgage arrears and the risk of repossession. Even more people will now be able to benefit from the more generous waiting period and increased capital limit rules. I hope that the Committee will welcome the Budget as pro-growth and fair. Business organisations in Wales support it. The CBI has said that it will help business to grow and create jobs. The south Wales chamber of commerce said that it offers business a helping hand. The Farmers Union of Wales has welcomed our actions to tackle the price of fuel. Yesterday, members of our business advisory group told me that they were heartened by our approach to the Budget and that they had growing confidence in what the future might bring. In conclusion, the Budget has set out our plans to rebalance the economy away from unsustainable public spending towards exports and private sector investment. Stable public finances will benefit everyone in society, and we have shown that we will not accumulate debt to fund today’s generation at the expense of tomorrow’s. Finally, we have given our first report on the Government’s ongoing growth review, and we have shown that we will balance growth across the UK. I hope that the Committee will join me in welcoming the Budget as one that works for business, for families and for Wales.