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Economic growth top of the agenda as UK Finance Ministers meet in Cardiff

27 Feb 2025 2 minute read
Finance and Welsh language secretary Mark Drakeford

Finance Secretary Mark Drakeford welcomes his counterparts from the other UK nations to Cardiff today to discuss fiscal and economic matters affecting the UK.

The Cabinet Secretary will outline his priorities for Wales ahead of the Spring Forecast and the conclusion of the UK Spending Review, which includes driving economic growth at the meeting of  the Finance: Inter-Ministerial Standing Committee (F:ISC).

Update

He will also deliver and update on the Final Budget for Wales – ahead of a vote in the Senedd next week – which will include discussions around the impact UK Government changes to National Insurance Contributions will have on businesses and organisations here.

Speaking ahead of the meeting, Mr Drakeford said: “This is an important meeting as we look ahead to the UK Government’s Spring Forecast and the conclusion of the UK Government’s Spending Review in June.

I look forward to welcoming finance ministers from all three nations to discuss our shared ambitions of driving economic growth following the Chancellor’s pledge to work with the devolved governments to ensure growth is felt across the UK.

“Ensuring the devolved governments have the appropriate budgetary flexibilities and levers to support economic growth, including future local growth funds, will be an important aspect of our discussions. We will also look at ways to work together to make the best use of the resources we have.”


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Steve D.
Steve D.
2 hours ago

I understand the concept behind the constant drive for growth – more money for the Treasury. However, with an ever growing UK and world population – can the world sustain a constant drive for higher growth? Is this concept of prosperity flawed? Is there an alternative? Humanity may have to consider one in the future.

Bill
Bill
2 hours ago
Reply to  Steve D.

Economic growth slows population growth because wealthier populations have fewer children.

Mab Meirion
Mab Meirion
2 hours ago

Will he try to explain the actions of the top 100 ‘tourist mongers’ in closing their venues on the busiest day of the year so far…!?

Could he also see that they are prosecuted for disrespecting our national flag…

Last edited 2 hours ago by Mab Meirion
Mab Meirion
Mab Meirion
1 hour ago
Reply to  Mab Meirion

He could compare government sponsored world wide holiday destinations for Ministers across the four nations…see BBC Wales…a church or an overseas office, each to their own scams…

Mab Meirion
Mab Meirion
50 minutes ago
Reply to  Mab Meirion

Stealing doctors and nurses from those more in need is the FM’s claim to international fame,that and the ability to model saris and accept garlands…!

Bill
Bill
2 hours ago

Growth in an increase in GDP per person.

GDP = Consumption + Investment + Government Spending + Net Exports

Growth can be achieved in lots of different ways.

hdavies15
hdavies15
2 hours ago

Politicians have difficulty with growth. Inhibiting and suppressing economic activity comes naturally to most of them. Just look at the mess of the last 30-50 years tearing stuff down with no idea of how to replace it.

J Jones
J Jones
1 hour ago

I can’t imagine a more extreme contrast than a headline including the words ‘Economic growth’ and then a picture of Drakeford.

His focus is purely on spending for his people, with a total contempt for those people who do actually grow the economy.

Hence the mess that this country remains in.

John
John
1 hour ago

It’s worth putting these discussions in the context that another 5% GDP hit due to Brexit is yet to manifest itself and will do over next 5 years. Much of that lost economic activity is extremely difficult to regain even when the uk eventually rejoin in 20 years time

Mab Meirion
Mab Meirion
13 minutes ago
Reply to  John

Aaron Banks eh!

Investing in making our lives worse…don’t make it easy for him…

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