The Welsh budget is an annual motion of the Senedd, giving statutory authority to the Welsh Government for its revenue and expenditure plans. For the financial year 2025/26 the budget was approximately £26,000,000,000.[1] The Welsh Government budget motion is presented to Parliament by the Cabinet Secretary for Finance. The current Cabinet Secretary for Finance is Mark Drakeford who was appointed to the role in September 2024.[2]
Purpose
The Welsh Government is ultimately accountable to the members of the Senedd and to the Welsh public for its use of public money and how its spending is allocated.[3] The Welsh Government allocates funding for areas which include schools, hospitals, policing, certain social security benefits, the economy, climate change and the environment, amongst others, from the Welsh budget.[4] The Welsh budget is primarily funded via the Welsh block grant as well as revenue from devolved taxes.[5] An agreement between the Welsh and UK Government, known as the Fiscal Framework, details arrangements on how Wales is required to manage its funding which includes limits on borrowing powers as well as arrangements for a reserve fund to allow the transfer of funding between financial years.[6]
Welsh public finance
- Audit Wales
- Barnett formula
- Welsh fiscal balance
- Public Accounts Committee of the Senedd
- Wales Act 2014
- Block grant
- Union dividend
See also
- Economy of Wales
- European Union budget
- United Kingdom budget
- Countries of the United Kingdom by GVA per capita
- Government spending in the United Kingdom
- United Kingdom national debt
References
- ^ Deans, David (3 March 2025). "Welsh budget plans approved after Lib Dem deal". BBC News. Archived from the original on 4 March 2025. Retrieved 23 March 2025.
- ^ Lugonja, Božo; Jones, Helen. "Budget 2025-26: What's new in the Welsh Government's Final Budget 2025-26?". research.senedd.wales. Archived from the original on 3 March 2025. Retrieved 23 March 2025.
- ^ Davies, Marine Andrew Robert Tudor (8 July 2021). "Solving the Senedd's Engagement Problem". Institute of Welsh Affairs. Retrieved 23 March 2025.
- ^ Lewis, Bethan (20 September 2024). "More schools face unpalatable cuts, warns union". BBC News. Archived from the original on 23 September 2024. Retrieved 23 March 2025.
- ^ Ifan, Guto; Phillips, David; Poole, Ed Gareth. "For Wales don't (always) see Scotland: adjusting the Welsh block grant after tax devolution". Institute for Fiscal Studies. Retrieved 23 March 2025.
- ^ "Welsh funding: Assessing the fiscal framework deal". BBC News. 19 December 2016. Archived from the original on 8 December 2023. Retrieved 23 March 2025.
External links
- Welsh Budget pages at the official Welsh Government website
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