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Budget 2013: Welsh government hoping for capital boost Budget 2013: Welsh government hoping for capital boost
(about 5 hours later)
The Welsh government is hoping money to use on long-term projects will be boosted when chancellor George Osborne delivers his Budget later.The Welsh government is hoping money to use on long-term projects will be boosted when chancellor George Osborne delivers his Budget later.
The UK government is planning further spending cuts with savings going towards such infrastructure.The UK government is planning further spending cuts with savings going towards such infrastructure.
First Minister Carwyn Jones wants Mr Osborne to borrow more to boost public spending and stimulate the economy.First Minister Carwyn Jones wants Mr Osborne to borrow more to boost public spending and stimulate the economy.
But the head of a Welsh business school says that will not happen and the coalition is committed to austerity.But the head of a Welsh business school says that will not happen and the coalition is committed to austerity.
Professor John Thornton, of Bangor university business school, said: "He's not going to do that.Professor John Thornton, of Bangor university business school, said: "He's not going to do that.
"I don't think you will see much of a change of course.""I don't think you will see much of a change of course."
The chancellor's opponents say the economy is being held back because public spending has been cut too deeply.The chancellor's opponents say the economy is being held back because public spending has been cut too deeply.
Prof Thornton said: "It's not an easy call to make and both sides are pretending that it is."Prof Thornton said: "It's not an easy call to make and both sides are pretending that it is."
He added: "I don't care what you call it. We're not getting away from it (austerity).He added: "I don't care what you call it. We're not getting away from it (austerity).
"It's clear that's not just a UK thing - it's an EU thing now. Germany and a hardcore of other northern European countries are very much committed to the austerity path." "It's clear that's not just a UK thing - it's a EU thing now. Germany and a hardcore of other northern European countries are very much committed to the austerity path."
Mr Osborne outlined further austerity measures at a cabinet meeting on Tuesday.Mr Osborne outlined further austerity measures at a cabinet meeting on Tuesday.
Most Whitehall departments will have to make cuts over the next two years amounting to about £2.5bn.Most Whitehall departments will have to make cuts over the next two years amounting to about £2.5bn.
A 1% squeeze on day-to-day revenue spending will apply to the devolved administrations, including Wales.A 1% squeeze on day-to-day revenue spending will apply to the devolved administrations, including Wales.
'Casino economics''Casino economics'
On Monday Mr Jones used a news conference to call on the chancellor to change direction when he delivers his Budget on Wednesday.On Monday Mr Jones used a news conference to call on the chancellor to change direction when he delivers his Budget on Wednesday.
The Welsh Labour leader said the Treasury should borrow "billions" more to pay for an economic stimulus.The Welsh Labour leader said the Treasury should borrow "billions" more to pay for an economic stimulus.
He said a 40% cut to the Welsh government's capital budget - which pays for things like roads, infrastructure, hospital and house building - should be reinstated.He said a 40% cut to the Welsh government's capital budget - which pays for things like roads, infrastructure, hospital and house building - should be reinstated.
The Conservatives said his plea was "casino economics".The Conservatives said his plea was "casino economics".
Their leader in the assembly, Andrew RT Davies, said: "Austerity is the right approach, but like anything you modify your plans as you progress to take account of the circumstances you find yourself in in year two, three, four or five."Their leader in the assembly, Andrew RT Davies, said: "Austerity is the right approach, but like anything you modify your plans as you progress to take account of the circumstances you find yourself in in year two, three, four or five."
Welsh Liberal Democrat leader Kirsty Williams said: "I think you have to understand that if the overall goal of this government is to tackle the structural deficit, you have to be very circumspect in using additional borrowing as a mechanism to achieve that."Welsh Liberal Democrat leader Kirsty Williams said: "I think you have to understand that if the overall goal of this government is to tackle the structural deficit, you have to be very circumspect in using additional borrowing as a mechanism to achieve that."
Shadow Welsh secretary Owen Smith said the chancellor should take the opportunity to give the Welsh government its own borrowing powers.
Ministers in Cardiff have been pressing the Treasury to give them the ability to borrow money - something recommended by last year's Silk Commission into funding for the devolved administration.
Mr Smith said: "This would pave the way for borrowing powers for the Welsh government, which, in turn, would enable ministers in Cardiff Bay to continue to invest in jobs and growth and further expose just how misplaced and misguided the Tory-led government's priorities are."
Plaid Cymru repeated a call for the Treasury to reform the Barnett formula, which is used to set the size of the devolved administration's budget.Plaid Cymru repeated a call for the Treasury to reform the Barnett formula, which is used to set the size of the devolved administration's budget.
Plaid finance spokesman Ieuan Wyn Jones added that the Labour Welsh government had its own part to play in bringing forward "shovel-ready projects to kick-start the economy, concentrating on improvements to schools, hospitals and minor road and rail schemes".Plaid finance spokesman Ieuan Wyn Jones added that the Labour Welsh government had its own part to play in bringing forward "shovel-ready projects to kick-start the economy, concentrating on improvements to schools, hospitals and minor road and rail schemes".