A new £5 million mid-Wales agricultural fund has been announced in today’s budget.

In the budget statement, Chancellor Jeremy Hunt has announced that mid Wales is set to benefit from a new fund from the Department of Levelling Up.

The new fund will support “business-led projects on vital agriculture issues” and will help “to grow innovation clusters” across Montgomeryshire and Mid Wales.

Craig Williams, MP for Montgomeryshire, has welcomed today’s Budget Statement Chancellor of the Exchequer, which he claims “reinforces the Government’s plan for growth and rewards workers”.

“I very much welcome the news that Mid Wales will be home to an Agri-food Launchpad,” said Mr Williams.

“Mid Wales is key to the UK’s agricultural industry, which forms an essential part of our economy. This Launchpad will provide vital support to the farming sector within our area, with £5milion being made available to support businesses and research & development focussing on food and agriculture.

“This package will reaffirm Mid Wales’ position within the heart of British farming and food.”

OTHER NEWS:

Other measures announced today include a freeze alcohol duty “to alleviate pressure on the hospitality sector”, a cut in Capital Gains Tax on residential property sales and cutting the main rate of employee National Insurance Contributions (NICs) from 10 per cent to 8 per cent.

“The last few years have not been easy for the UK economy. We have faced the legacy of Covid, and war in Ukraine and the Middle East. These challenges have made life tough for us all,” added Mr Williams.

 “Since the beginning of 2023, the UK Government has been working on three main economic priorities; to halve inflation, grow the economy and reduce debt.”

Mr Williams added that he thought the budget “reinforces that this economic plan is working, allowing us to focus on further strengthening our economy, reducing debt, cutting taxes and rewarding hard work.”