There we are then! The New Labour's Chancellor has not recognised the real need to support businesses - these cuts should not be implemented now, particularly as we in Wales are facing difficult economic times.
What we needed was the necessary financial stimulus to protect Wales from the impact of this recession - we did not get it. With our economy facing an extremely difficult period, the Welsh Assembly Government will face a significant challenge merely to manage these funding cuts in revenue which will amount to £216 million next year not to mention further cuts to capital expenditure.
We need to support our businesses and the training needs of our companies this year and into next year, it would have been prudent for any efficiency savings to have been delayed until the recession is over, and for them to be implemented when the economy starts to grow again.
The hard working people of Wales did not land us in this economic mess, it was the failure of the UK Government to deal with unregulated and irresponsible lending over the last 10 year that has landed us where we are now.
Sadly this budget only underlines the fact that the UK Chancellor does not understand that it was New Labour's failure to regulate the financial sector that was so disastrous - the end result being that financially viable prosperous businesses are not able to access the necessary cash to survive.
Welsh Public services will now face intense pressure after the cuts announced in this Budget filter through. The UK Government has admitted in the Budget that Welsh public services will be facing huge cuts as a result of a £15bn reduction in public service spending that was confirmed today.
When taking these and other already announced cuts into account, public services in Wales will be around one billion pounds per year worse off by 2013-14. The consequences of this upon the Welsh economy are frightening and are directly attributable to Labour’s mis-management of the UK economy.
Ouch indeed!
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