Questions Without Notice from Party Spokespeople

Part of 2. Questions to the Minister for Finance and Trefnydd – in the Senedd at 2:44 pm on 26 June 2019.

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Photo of Rebecca Evans Rebecca Evans Labour 2:44, 26 June 2019

Well, what I did do was write to the Treasury last year seeking an increase in our borrowing limit, which, as I said, is currently £150 million a year, sequentially up to £1 billion, to help deliver our investment priorities. And when we talk about borrowing, when we talk about our capital fund, we talk about it in the round. So, we don't borrow against a specific project or a specific scheme. We borrow to increase our available capital in order to deliver our portfolio of priorities and projects for that year and years beyond. 

In the UK Government budget last autumn, the Chancellor said there'd be a review of the Welsh Government's borrowing powers at the spending review and that they would consider whether the limit should be increased up to £300 million. However, that spending review has been delayed by the UK Government, so it's not clear when that will take place. But certainly, a priority in those discussions, which come around the comprehensive spending review, will be about our borrowing capacity.