Had you been here, you’d have heard me warning in 2004 that we faced a day of reckoning, as somebody who came from the mutual banking sector and knew there was a ticking time bomb that wasn’t being addressed.

The Chancellor has now been able to adopt more flexible rules for the budget deficit, but only because of spending discipline since 2010 and because we will no longer have to meet the EU requirement to get overall debt down to 60 per cent of GDP once we leave. The autumn statement was therefore able to acknowledge the need for further stimulus, reducing the income tax bill for 1.4 million individuals in Wales next year, taking a further 61,000 in Wales out of income tax altogether, increasing the Welsh Government’s capital budget for infrastructure spending by over a quarter in real terms to 2020-21 and discussing options for a growth deal with north Wales.

Proposals for the improvement of the regional transport and economic infrastructure detailed in a growth vision for the economy of north Wales, developed by the North Wales Economic Ambition Board in partnership with the Mersey Dee Alliance and the Cheshire and Warrington local enterprise partnership, went to both the UK and Welsh Governments this summer. The UK Treasury responded by asking the ambition board to articulate their strategic priorities and to prioritise projects, and the board is currently working on this. However, the Welsh Government has dodged my questions about how and whether it has responded to the call in the north Wales growth vision document for the devolution of powers by the Welsh Government over employment, taxes, skills and transport, which it states would boost the economy, jobs and productivity, create at least 120,000 jobs and boost the value of the local economy from £12.8 billion to £20 billion by 2035.

The UK economy is projected to continue to grow with unemployment, as we heard, continuing at an 11-year low. Although Wales has been the fastest growing part of the UK outside London since 2010, it began from bottom position and it’s thanks to the policies of economic discipline pursued since the change of UK Government in 2010. It is no coincidence that the two years coincide. With Labour in charge of economic development in Wales, however, we still have the highest levels of underemployment, working age worklessness and child poverty in Britain. Wales still produces the lowest value of goods and services per head amongst the 12 UK nations and regions. The UK Government has published a new draft charter for fiscal responsibility to ensure that future generations are not burdened with our debt and to restore a borrowing ceiling for stimulus during times of slowdown.

The autumn statement details the UK Government’s commitment to maintaining fiscal discipline while recognising the need for investment to drive up productivity and support economic growth. In response, the Confederation of British Industry said that its emphasis on research and development and local infrastructure will help businesses in all corners of the UK to invest with greater confidence for the long term. The Institute of Directors said this was a sensible and sober autumn statement, and the British Chambers of Commerce said that the Chancellor’s strong focus on the growth requirements of our cities, regions and nations will not go unnoticed in business communities across the UK. Is it too much to hope that instead of undermining investment and jobs, the Labour Welsh Government will at last recognise that it has a responsibility to try and instil confidence in both the urban and rural economies by embracing and pursuing policies that improve productivity, competitiveness and resilience? Thank you.