This is Philip Hammond's vision for Wales in the Chancellor's own words
The Chancellor writes that the Welsh Government now has 'important decisions' about how to spend new cash.
And yesterday, I set out at the Autumn Statement how the UK Government is building an economy that works for everyone in the United Kingdom.
I have ensured that we invest heavily in much needed infrastructure that will help put our economy on a strong and stable footing, and in innovation, which will help unleash the creativity and skills of people in all corners of the UK, including in Wales.
As a result of the decisions I announced yesterday, the Welsh Government will have more than £400m extra over the next five years which it can invest in infrastructure in Wales, in addition to the £500m it will be able to borrow for infrastructure from 2018.
The Welsh Government now has important decisions to make about how it will spend its money. We in the UK government have already taken some.
Largest growth in the UK
The Welsh economy continues to grow, and since 2010 has grown faster per head than any region in the UK outside of London.
It sits within a wider UK economy that is fundamentally strong.
This strength has been underpinned by difficult decisions taken by the UK Government since 2010. Decisions that now give us the flexibility to focus on infrastructure and investment, as we’re doing with this Autumn Statement.
The UK is world-leader in the research and development sector and it is vital that we nurture and strengthen it.
Britain’s scientists, entrepreneurs and businesses are developing new, cutting edge technologies, which are making their way from university labs into the real world, transforming the way we live our lives.
My decision to increase investment in this area by £2bn will enhance one of the UK’s key economic assets – our first class research base – to which Wales’ education and research institutions are a vital part and should benefit.
I also confirmed that we are investing a further £1bn in digital infrastructure, which will help ensure that businesses in Wales can make the most of the opportunities that new technology and digital innovation can bring.
