§ Hywel WilliamsTo ask the Secretary of State for Wales what steps he has taken to offset the effect in Wales of the worldwide economic slowdown. [9262]
§ Mr. Paul MurphyThe Government's economic policy of low inflation, sound public finances and steady growth means that Wales should be well placed to withstand worldwide fluctuations in economic cycles.
The block grant for Wales that I negotiated with the Treasury last year allows the National Assembly to match fund objective 1 programmes and, more recently, I have worked closely with colleagues in the Department of Trade and Industry and in the National Assembly to help fund and support areas affected by steel closures.
I will continue to work closely with my colleagues in Government and in the National Assembly to ensure that Wales has the opportunity to build on the stable foundations laid by the Government's economic policy.