Business News Wales features editor, Chris Kelsey summarises this year's budget from Chancellor Rishi Sunak.

Rishi Sunak’s first Budget will be remembered as the time when the Tory Government turned its back on austerity and fiscal conservatism and instead adopted the big spending plans more usually associated with the Labour Party.

As far as Welsh business is concerned, there is much to be grateful for. Firstly, the Chancellor addressed the possible economic impact of the coronavirus with a series of measures to help both businesses and individuals. Anticipating that 20% of the workforce could be off work, Sunak said statutory sick pay would be available to all required to self-isolate, and made it easier for people to claim benefits. He announced that the cost of sick pay for up to 14 days would be refunded to SMEs, and the Government would guarantee business interruption loans from the banks.

The Chancellor also announced a year-long abolition of business rates for retail and leisure businesses in England. Since business rates are devolved, it would be up to the Welsh Government to decide whether to match this.

The total size of the fiscal stimulus to cope with the economic impact of the coronavirus – £30bn – is dwarfed by the overall spending boost provided by the Budget, which includes £600bn in infrastructure spending over the next five years. Of this, Wales gets a share. The Welsh Government is to receive an extra £340m,  which comes on top of a £600m boost for 2020/21 announced in the Spending Review last September.

The Chancellor announced that £27bn is to spent on UK roads and motorways and £5bn on broadband. There’s also £12bn to deliver affordable homes, £5.2bn for flood defence and £1bn to speed up the removal of combustible cladding from buildings.

There were no specific amounts for Wales, although increased spending in England usually results in more money for Wales through the Barnett formula. There is an extra £12m for full fibre broadband in South Wales and £4m in Pembrokeshire. In addition, there will be an independent economic review of the Western Gateway which links the west of England and Wales, and the Treasury will set up an office in Wales to ensure Welsh concerns have a higher profile in policy making.