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£200m in extra funding expected £200m in extra funding expected
(40 minutes later)
Millions of extra pounds are to be spent on health, house building and projects aimed at fighting climate change in a bid to boost the economy. Millions of extra pounds to boost the Welsh economy are to be spent on health, house building and projects aimed at fighting climate change.
The Welsh Assembly Government is expected to announce the additional funding later, which is thought to be worth more than £200m. The Welsh Assembly Government is to announce an expected £200m from its Strategic Capital Investment Fund.
Big projects dealing with climate change, transport, regeneration, house building and health could benefit. Projects dealing with climate change, transport, regeneration, house building and health could benefit.
The funding will be released from a strategic investment fund. Finance Minister Andrew Davies said they were "busting a gut" to bring forward spending during the downturn.
The BBC's political correspondent Guto Thomas said it was part of a concerted effort by government to direct as much targeted spending as possible in the short-term, to protect against the threat of a deeper, more damaging recession later. He said money which was earmarked for spending in future years was being spent, and he and First Minister Rhodri Morgan and Deputy First Minister Ieuan Wyn Jones will make further announcements on Friday. quote here name here
It is thought the money from the strategic capital investment fund (Scif) will be used to boost the construction industry, protect jobs, while also building more affordable housing. Mr Davies suggested that affordable housing schemes were among the projects likely to benefit from the announcement later.
Top earners "Obviously, it is one of our major ambitions, we're already spending a very significant amount of money in this area and there is an increasing need for affordable housing," he told BBC Radio Wales.
He said other public services would also be helped in the first phase of this "new and exciting fund".
Mr Davies added: "But you mustn't forget that while the £400m fund, of which I'll be making the first announcement today, is a significant amount of money, that's in addition to the £1.6bn we spend every year in terms of the health service, education, housing and transport.
"So this is in addition to the very considerable investment we are already making."
He also said the fund was a new way of the assembly government deciding spending priorities.
One Wales document
"This is the result of an internal process whereby ministers have put bids to me and my colleagues and then we have collectively made this decision which I am announcing today."
Asked if in the past spending has been "unstrategic", Mr Davies said: "I think that's something we've accepted for some time, that's why the proposal to set up the fund has been accepted by everybody.
"This was why the commitment to do this was in the One Wales document [which formed the basis of the Labour-Plaid Cymru coalition assembly government] and as finance minister I've been taking it forward and leading on it."
It is thought the money from the Strategic Capital Investment Fund (Scif), which was set up last December, will be used to boost the construction industry, protect jobs, while also building more affordable housing.
Generating work for builders, plumbers and electricians is thought to be one example of injecting money into the economy.Generating work for builders, plumbers and electricians is thought to be one example of injecting money into the economy.
Big projects on climate change, transport, regeneration and health are also expected to benefit.Big projects on climate change, transport, regeneration and health are also expected to benefit.
The Scif allows for substantial amounts of capital investment, which is spent on building schools, hospitals and roads, to be held back centrally from individual departments so money can be spent - when it is needed - strategically.
It was set up in December 2007.
Finance Minister Andrew Davies chairs a strategic capital investment board (Scib), which is made up of independent experts. Virtually all of them have a strong business, rather than political, background.
Each department in the assembly government is able to bid for projects. The Scib then meets to decide which bids should go ahead.
Last week, Chancellor Alistair Darling threw a lifeline to the struggling economy and cut VAT and increased income tax for top earners.
But all National Insurance contributions will rise, and Mr Darling has taken borrowing to record levels.