Finance Minister says ‘Economy is faltering’ ahead of Chancellor’s Autumn Statement

Speaking ahead of the Chancellor’s Autumn Statement tomorrow [Thursday 17 November], Wales’ Finance Minister has said the Chancellor must turn away from another round of damaging austerity.

Rebecca Evans said that instead of delivering deep spending cuts, the Chancellor must invest in growth, and must support people through the cost-of-living crisis.

She said:

“The Autumn Statement is being delivered amid huge financial challenges for people, businesses, public services, and our economy.

“People are struggling to pay their bills as the cost-of-living crisis bites. 41-year high inflation and record energy prices are shrinking public sector budgets, just as demand for services is soaring. The economy is faltering and we are facing the longest recession since the Great Depression.

“The UK Government has the financial fire power to meet these challenges – and it must do so tomorrow. This is the time to invest in people and public services.

“The Chancellor must use his tax levers more fairly. By increasing the windfall tax and removing exemptions from capital gains tax, he can ensure that the burden falls on those with the broadest shoulders.

“By turning away from austerity, the UK Government could protect public services, honour its commitment to increase benefits in line with inflation, and boost infrastructure investment to stimulate and grow our economy.”