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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 annual 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 annual total budget.
The increase is as a result of extra spending in England.The increase is as a result of extra spending in England.
But the Budget was dismissed by Welsh ministers as being "full of missed opportunities" to boost economic growth.
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.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.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.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.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.
Responding to the Budget measures on Wednesday, Welsh Finance Minister Jane Hutt said: "The chancellor has given Wales an additional £36m over the next two years.
"But, at the same time, we are being forced to find at least £70m from our budget over the same period to cover public sector pension costs."
"The employment statistics published earlier today show that unemployment in Wales is now lower than in England, Scotland and Northern Ireland, a clear example that the Welsh government's policies are working.
"For us to build on this further we needed this budget to deliver a significant capital investment boost. This has not happened.
"However we will continue to use the resources we have available to us to invest in our Wales Infrastructure Investment Plan priorities," Ms Hutt added.