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

By Mark Mansfield
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).

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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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16 comments

Steve D.

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.

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Bill

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

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Ap Kenneth

The World population is not ever growing, the list of countries with declining populations is growing and includes China, Japan, Italy, Poland as a sample.

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Peter Cuthbert

Good point. Look up "Doughnut Economics" and you will find a well thought out analysis of how we could have a sustainable economy.

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Paul

I think I know what you mean. I wonder if it’s possible to have more contentment with the life we have. (And I do understand that there are a number of people that do have a really hard time) We are encouraged to ‘keep up with the Joneses’ rather than appreciate what we have. We do seem to put a lot of time, effort and worry into helping businesses maintain dividends for their shareholders.

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Mab Meirion

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...

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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...

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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...!

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Bill

Growth in an increase in GDP per person. GDP = Consumption + Investment + Government Spending + Net Exports Growth can be achieved in lots of different ways.

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hdavies15

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.

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J Jones

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.

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John

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

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Mab Meirion

Aaron Banks eh! Investing in making our lives worse...don't make it easy for him...

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Dai Ponty

Better name for him Micky Mouse

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Y Cymro

Economic growth doesn't mean you go back on your other priorities Mark Drakeford. They are all interconnected. Also, it doesn't help that we have two Conservative parties like a millstone around our neck. And no I'm not referring to Kemi Badenoch's rabble at Westminster recently in power, but centrist unionist autocrat Keir Starmer & Tory troll Darren Millar. Both regard Wales with utter contempt.

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Ap Kenneth

The quickest way to get a bit more zip in the economy is to get closer to EU quickly, customs union or single market, will make food cheaper, fresher and get rid of gaps on shelves. Secondly get child benefit back to those with 3 or more kids, those below the higher rate threshold. That money will be spent right away, locally and mostly on food or clothing. 14 years of Tory spending cuts and xfers to private sector, Capita etc, will take a long time to correct.

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