National Assembly for Wales

Since its introduction, the invest-to-save programme has supported approximately 200 projects with an aggregate value in the region of £200 million. It has supported projects related to green growth, looked-after hildren and in a number of health boards. There is a residual amount of funding available, and we are managing legacy projects.

Ensuring we achieve value for money and effectiveness of our spending is crucial for those delivering public services in Wales. All Cabinet Secretaries are responsible for managing and monitoring the effectiveness of departmental spending within portfolios.

I wrote to the Financial Secretary to the Treasury in March to remind him of his commitment to set out the additional information the UK Government is seeking in relation to the proposal to introduce a vacant land tax in Wales. I have not yet received a clear answer.

I most recently met the Chief Secretary to the Treasury at the Finance: Interministerial Standing Committee on 14 March. We discussed the implications of the UK spring budget on devolved government budgets, and I emphasised the need for additional funding and certainty for our own budget.

The Welsh Government works closely with local authorities and Natural Resources Wales as lead flood risk management authorities. On 19 March, the previous Minister for Climate Change announced the Flood and Coastal Erosion Risk Management Programme 2024 to 2025, which included £800,000 for NRW to progress construction work at Sandycroft, Flintshire.

My sympathies are with all those affected by recent flood events in Kinmel Bay. We know it is impossible to stop or prevent all flooding, but are working to build resilient communities. This year, we are investing £14.1 million in Kinmel Bay under our coastal risk management programme.

My officials are closely monitoring the situation regarding Thames Water’s loan default. I am reassured that Ofwat have no specific concerns with the financial resilience of our water companies in Wales. The not-for-profit status of Wales's largest water company ensures that money is not spent on dividends for shareholders but is used instead to benefit customers and strengthen balance sheets.

Work is progressing well to create a timber-based industrial strategy that can develop and sustain the high-value production and processing of Welsh wood. Next steps include a public consultation on the timber strategy and associated skills plan, with the intention of publishing a final version by the end of 2024.

There are tight regulatory controls over storm overflows. Where water companies fail to comply, we expect appropriate enforcement action to be taken by NRW as the regulator. We work closely with water companies, regulators and industry stakeholders to tackle storm overflows through water company business plans and better river quality taskforce action plans.