The Liberal Democrats would increase Wales’ ability to borrow to fund capital projects to £1bn, the party has announced today.
Among a number of significant new powers, the Liberal Democrats in Government ensured that the Welsh Government could borrow up to £500m for infrastructure projects. However, the party is announcing today that the Welsh Liberal Democrat General Election manifesto will include proposals to increase the borrowing limit from £500 million to around £1 billion. This would ensure Wales has borrowing powers that are proportional with Scotland.
Roger Williams, Deputy Leader of the Welsh Liberal Democrats said:
“By doubling the amount of money Wales can invest on infrastructure projects, the Welsh Liberal Democrats would be delivering a significant step in securing a stronger Welsh economy.
“Increased borrowing powers means that Wales would have greater scope to stimulate the economy with investment in significant capital expenditure projects. This is an announcement that would benefit all of Wales.
“This will allow Wales to catch up with the rest of the UK in terms of infrastructure and ensure that our nation is competitive in attracting jobs and investment.”
Danny Alexander, the Liberal Democrat Economic spokesperson, said:
“In Government, the Liberal Democrats delivered borrowing powers for the National Assembly so it could better deliver for the people of Wales.
“We addressed the historic inequality where many other public institutions, such as community councils, were able to borrow, but not the Welsh Government. We ended this anomaly.
“However, we would go further than that. This increase in power would mean Wales would be able to invest in projects that could help build a fairer society, such a building schools and hospitals.
“Our record in Government shows that we are the party that will deliver further powers and fairer funding to create a stronger Wales.”