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Budget 2015: George Osborne hails more power for Wales Budget 2015: George Osborne hails more power for Wales
(35 minutes later)
Chancellor George Osborne has said more power is being given to Wales, as he delivered his Budget speech.Chancellor George Osborne has said more power is being given to Wales, as he delivered his Budget speech.
He said the UK government was opening negotiations over a £1bn tidal lagoon green energy project in Swansea Bay, and a city deal for Cardiff.He said the UK government was opening negotiations over a £1bn tidal lagoon green energy project in Swansea Bay, and a city deal for Cardiff.
Severn Bridge tolls - currently £6.50 for cars and £13.10 for vans - will be cut in 2018 to £5.40 for both.Severn Bridge tolls - currently £6.50 for cars and £13.10 for vans - will be cut in 2018 to £5.40 for both.
A promise that farmers will be able to assess their income for tax over five years was welcomed by union leaders. However, Wales' Finance Minister Jane Hutt said the "devastating impact" of austerity cuts was set to continue.
Giving his sixth Budget speech in the House of Commons, the chancellor hailed "a truly national recovery" and record levels of employment.Giving his sixth Budget speech in the House of Commons, the chancellor hailed "a truly national recovery" and record levels of employment.
Election focusElection focus
It was Mr Osborne's final chance to woo floating voters ahead of the general election on 7 May.It was Mr Osborne's final chance to woo floating voters ahead of the general election on 7 May.
He insisted that deficit reduction remained his top priority, but also unveiled measures to increase the amount people can earn before paying tax to £10,800 next year and an above-inflation rise to £43,300 by 2017 for the amount people can earn before having to pay the 40p tax rate. He insisted that deficit reduction remained his top priority, but also unveiled measures to raise the tax allowance to £10,800 next year and the starting point of the 40p tax rate to £43,300 by 2017.
He also announced plans to scrap annual tax returns and replace them with "digital tax accounts", allowing people to manage their affairs using smartphones or computers. The chancellor also announced plans to scrap annual tax returns and replace them with "digital tax accounts", allowing people to manage their affairs using smartphones or computers.
Other measures include:Other measures include:
The National Farmers' Union has welcomed a promise that farmers will be able to assess their income for tax purposes across five years as "fantastic news".The National Farmers' Union has welcomed a promise that farmers will be able to assess their income for tax purposes across five years as "fantastic news".
Some of the plans in Mr Osborne's statement are likely to depend on a Conservative victory on 7 May - whoever wins the election is likely to set out another Budget later this year.Some of the plans in Mr Osborne's statement are likely to depend on a Conservative victory on 7 May - whoever wins the election is likely to set out another Budget later this year.
'Giveaways''Giveaways'
Jenny Willott, Liberal Democrat MP for Cardiff Central, responded positively, saying: "This Budget shows just what Lib Dems in government have been able to achieve for the people of Wales: creating opportunity for everyone by building a stronger economy and a fairer society." Welsh Secretary Stephen Crabb, a fellow Conservative minister, hailed it as "a Budget to help secure Wales' future".
But Plaid Cymru treasury spokesman Jonathan Edwards criticised "pre-election giveaways designed to pander to the Tory core vote" that he said "mask the reality that in the next Parliament, our public services are set to suffer billions more austerity cuts, supported by Labour". "It is a Budget that will cement the economic recovery in Wales, that backs business in Wales and that will make a real difference to the lives of hardworking people right across our nation," he said.
Ahead of the speech, Wales' Finance Minister Jane Hutt urged Mr Osborne to commit to minimum funding for Wales. The Labour Welsh government's finance minister Jane Hutt said the Budget would result in an extra £18m coming to Wales in 2015-16 under the Barnett formula, but that would be overshadowed by the Treasury's wider cutbacks.
Lib Dem Chief Secretary to the Treasury Danny Alexander has already ordered a review of how the Welsh government is financed. "The UK Government's austerity programme during this Parliament has had a devastating impact on Wales and is set to continue with a further £30bn of cuts forecast up until 2017-18," she said.
It followed a minimum funding pledge by David Cameron and Nick Clegg in February, when they announced further devolution plans for Wales. Jenny Willott, Liberal Democrat MP for Cardiff Central, was more positive, saying: "This Budget shows just what Lib Dems in government have been able to achieve for the people of Wales: creating opportunity for everyone by building a stronger economy and a fairer society."
But Plaid Cymru treasury spokesman Jonathan Edwards criticised "pre-election giveaways designed to pander to the Tory core vote" that he said "mask the reality that, in the next Parliament, our public services are set to suffer billions more austerity cuts, supported by Labour".