Part of the debate – in the Senedd at 5:22 pm on 4 February 2020.
If you look particularly at the budget improvement plan, you'll see a look back as to what we've been doing in recent years to try and ensure that the Act informs the preparation of the budget, but, again, it looks forward up to a further five years as to how we can seek to better embed the Act in our ways of working right across Government. I commend that document to colleagues.
Prevention, of course, is about so many things, but, as I was saying, housing is a particularly important element. So, in the budget, you'll see £108 million continued investment to support social landlords to ensure that the housing quality standard is achieved in our 225,000 social homes. That's no mean feat at all. You'll see £50 million of financial transactions capital in our housing loans programme, and that's about assisting registered social landlords with funding development plans for new social housing and helping to, crucially, start to decarbonise those existing homes, and £400,000 to provide advice on home energy and on tackling fuel poverty for low-income homes.
Another area that we didn't have the opportunity to speak too much about in the previous debate was the importance of education and early years in the preventative agenda, because education is clearly one of the most important investments that we can make to improve the life chances of children, particularly those from deprived communities and those with protected characteristics. So, some specific examples would be the £10 million to support the delivery of the new curriculum for Wales, which is at the heart of our action plan to raise school standards. That's supplemented by an additional £3 million for the development of national networks, and a further £15 million for the professional learning to ensure our teaching profession receives the support that it needs. I'm particularly pleased with the £8 million additional investment to support children and young people with additional learning needs to receive a high-quality education and to reach their potential.
Cardiff Airport was mentioned a few times, and, on 21 October, my colleague the Minister for Economy and Transport announced an extended commercial loan facility to the airport. But I think it's important to recognise that, of the £21.2 million, £4.8 million falls in 2020-21 and it's reflected in this budget. So, that is in no way new money—it's previously announced—and refinancing is a normal and appropriate activity.
I think it's also important to recognise that airports are valued by the earnings before interest, tax, depreciation and amortisation, and that's a primary measure of how airports are valued globally. Cardiff Airport's valuation there has increased from £7,000 to £77,000, so that's clearly a big increase, and that reflects the strong growth in the airport's revenues, which were up 34 per cent on the previous financial year. So, that's just in response to some of the issues that were raised about Cardiff Airport at the start of the debate. But, just to remind colleagues as well, of the global airports that service scheduled flights, only 14 per cent of them aren't in public ownership, so airports such as Charles de Gaulle in Paris, Schiphol in Amsterdam, and JFK in New York are all publicly owned, and our concern should be really with the squeeze that the UK Government is putting on smaller and regional airports.
I've just a few moments left to reflect on the issue of the future of business rates, which was also mentioned by the opposition spokesperson. Welsh Government is undertaking a large suite of research to help inform us about the potential changes that we might wish to make to local taxes—so, non-domestic rates and council tax—and we're publishing a series of research reports over the coming weeks that will help us and others, I hope, start to formulate their ideas as to creating a vision as to where those taxes might go in future.
So, just to conclude, we will have the UK Government's budget on 11 March, and that could have some quite big implications for our spending plans. It will also be accompanied by a new economic and fiscal outlook from the OBR, which might impact on the prospects for the devolved tax revenues and also the associated block grant adjustments. The UK Government could also make changes to tax policy that might affect decisions about devolved taxes in Wales, so I do commit to keeping colleagues updated and updating the Assembly on those impacts as soon as possible, and very much look forward to engaging with the Finance Committee on the work that it's doing when it considers the process of budget setting, and I'm particularly keen to set on record now my keenness to accept your recommendation regarding an early debate within the financial year, because I found that particularly interesting and helpful at the start of this process.