This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-wales-politics-26649908
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Budget 2014: Help for firms hit by high energy bills | Budget 2014: Help for firms hit by high energy bills |
| (35 minutes later) | |
| Welsh businesses with very high energy bills, such as Tata Steel in Port Talbot, are in line for compensation under a key announcement in the Budget. | Welsh businesses with very high energy bills, such as Tata Steel in Port Talbot, are in line for compensation under a key announcement in the Budget. |
| It is understood 16 firms qualify in Wales, sharing some £240m compensation. | It is understood 16 firms qualify in Wales, sharing some £240m compensation. |
| There were fears high energy bills could force industries to relocate. | There were fears high energy bills could force industries to relocate. |
| In other Budget announcements, the Welsh government will receive an extra £36m to spend over the next two years, a little over 0.1% of its £15bn total budget. | In other Budget announcements, the Welsh government will receive an extra £36m to spend over the next two years, a little over 0.1% of its £15bn total budget. |
| The increase is as a result of extra spending in England. | The increase is as a result of extra spending in England. |
| UK ministers also said raising the personal income tax allowance to £10,500 in 2015 meant another 14,000 people in Wales would no longer pay income tax. | UK ministers also said raising the personal income tax allowance to £10,500 in 2015 meant another 14,000 people in Wales would no longer pay income tax. |
| As a result of the income tax changes, some 1.16m taxpayers in Wales will be on average £61 a year better off. | As a result of the income tax changes, some 1.16m taxpayers in Wales will be on average £61 a year better off. |
| Many of those no longer paying income tax will, however, continue to pay National Insurance after April 2015. | Many of those no longer paying income tax will, however, continue to pay National Insurance after April 2015. |
| Beer duty is also being cut by 1p. | Beer duty is also being cut by 1p. |
| The help for industries which use huge amounts of energy follows a call for action in January by the boss of Tata Steel's operations in Europe. | |
| Karl Koehler argued that heavy industries in the UK were burdened with environmental obligations that pushed up their energy bills, sometimes to levels 50% higher than their European competitors. | Karl Koehler argued that heavy industries in the UK were burdened with environmental obligations that pushed up their energy bills, sometimes to levels 50% higher than their European competitors. |
| Speaking at a conference in London, he had urged ministers to back businesses that were part of "foundation industries" - including chemicals and metal-based manufacturers. | |
| Mr Koehler quoted a report by consultants that said these companies employed nearly half a million people in the UK and accounted for 30% of total exports and imports. | |
| He said they formed a key part of any economic rebalancing strategy for the UK, which would encourage growth outside the south east of England. |