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Economy Of Wales
The economy of Wales is part of the wider economy of the United Kingdom, and encompasses the production and consumption of goods, services and the supply of money in Wales. On the whole, gross domestic product (GDP) in Wales has increased since 1999, although it remains lower than the UK average. Government of the United Kingdom, UK government and Welsh Government, Welsh government expenditure in Wales has also increased over the same period. Wales has received funding from the European Structural and Investment Funds and the UK government has announced that this funding is being replaced by the UK Shared Prosperity Fund, although the Welsh Government has suggested that Wales is receiving less money. Wales has a negative fiscal balance, although all countries and regions of the UK also had a fiscal deficit in 2020/21. The Gross Value Added in Wales has increased since 1998, but per head remains lower than the UK average. Overview Currency and monetary policy The currency u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cardiff Bay
Cardiff Bay (; colloquially "The Bay") is an area and freshwater lake in Cardiff, Wales. The site of a former tidal bay and estuary, it is the river mouth of the River Taff and River Ely, Ely. The body of water was converted into a lake as part of a pre-devolution UK Government regeneration project, involving the damming of the rivers by the Cardiff Bay Barrage in 1999. The barrage impounds the rivers from the Severn Estuary, providing flood defence and the creation of a permanent non-tidal high water lake with limited access to the sea, serving as a core feature of the redevelopment of the area in the 1990s. Surrounding the lake is a area of redeveloped former derelict Cardiff Docks, docklands which shares its name. The area is situated between Cardiff city centre and Penarth, in the communities of Butetown and Grangetown, Cardiff, Grangetown. Its waterfront is home to notable attractions, in particular regarding Welsh politics and Welsh devolution, devolved institutions, suc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rhondda Cynon Taf
Rhondda Cynon Taf (; RCT; also spelt as Rhondda Cynon Taff) is a Principal areas of Wales, county borough in the South East Wales, south-east of Wales. It consists of five valleys: the Rhondda Fawr, Rhondda Fach, Cynon, Taff () and Ely valleys, plus several towns and villages away from the valleys. Results from the 2011 census showed 19.1% of its 234,410 residents self-identified as having some ability in the use of the Welsh language. The county borough borders Merthyr Tydfil County Borough and Caerphilly County Borough to the east, Cardiff and the Vale of Glamorgan to the south, Bridgend County Borough and Neath Port Talbot to the west and Powys to the north. Its principal towns are - Aberdare, Llantrisant with Talbot Green and Pontypridd, with other key settlements/towns being - Maerdy, Ferndale, Rhondda Cynon Taf, Ferndale, Hirwaun, Llanharan, Mountain Ash, Rhondda Cynon Taf, Mountain Ash, Porth, Tonypandy, Tonyrefail and Treorchy. The most populous individual town in Rhond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United Kingdom
The United Kingdom has a highly developed social market economy. From 2017 to 2025 it has been the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and about 18th by nominal GDP per capita, constituting 2.4% of world GDP and 2.2% by purchasing power parity (PPP). The United Kingdom has one of the most globalised economies and comprises England, Scotland, Wales and Northern Ireland. In 2022, the United Kingdom was the fifth-largest exporter of goods and services in the world and the fourth-largest importer. It also had the fourth-largest outward foreign direct investment, and the fifteenth-largest inward foreign direct investment. In 2022, the United Kingdom's trade with the European Union accounted for 42% of the country's exports and 48% of its total imports. The United Kingdom has a highly efficient and strong social security system, which comprises roughly 24.5% of GDP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wales Act 2014
The Wales Act 2014legislation.gov.uk Wales Act 2014 (c. 29) is an act of the . The bill was introduced to the on 20 March 2014 by Chief Secretary to the Treasur ...
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Commission On Devolution In Wales
In-Commission or commissioning may refer to: Business and contracting * Commission (remuneration), a form of payment to an agent for services rendered ** Commission (art), the purchase or the creation of a piece of art most often on behalf of another * A contract for performance or creation of a specific work * Commissioning (other), a process or service provided to validate the completeness and accuracy of a project or venture Government Civil * A government agency, regulatory agency or statutory authority which operates under the authority of a board of commissioners, including: ** Independent agencies of the United States government *An executive branch of government, often with characteristics of other branches of government: ** Town commissioners, elected local government bodies established in urban areas in Ireland in the 19th century ** City commission, a form of local government (common in the United States) ** The European Commission, a body incorporating featur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent Commission On Funding And Finance For Wales
The Independent Commission on Funding and Finance for Wales, also known as The Holtham Commission, was established by Rhodri Morgan (First Minister for Wales), Ieuan Wyn Jones (Deputy First Minister for Wales) and Andrew Davies (Minister for Finance and Public Service Delivery), of the Welsh Assembly Government. The establishment of the Commission was a commitment in the One Wales coalition agreement between Labour and Plaid Cymru in June 2007. Based in Cathays Park, Cardiff, the Commission completed its work in July 2010, publishing its findings in a final report: ''Fairness and accountability: a new funding settlement for Wales''. Remit The remit of the Commission was to look at the pros and cons of the present formula-based approach to the distribution of public expenditure resources to the Welsh Assembly Government; and identify possible alternative funding mechanisms including the scope for the Welsh Assembly Government to have tax varying powers as well as greater po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Development Bank Of Wales
The Development Bank of Wales (branded as simply Banc; ) is a Welsh development bank that provides financial support for Welsh businesses and is owned by the Welsh Government. The bank provides loans for businesses to start up, strengthen and grow and also provides equity investments for already established businesses. Services The Group manages funds in excess of £1.4 billion and consists of the fund managers Development Bank of Wales and FW Capital, which invest in SMEs as well as Angels Invest Wales, a business angel network. The Development Bank of Wales Group can make debt, mezzanine and equity investments of up to £10 million at all stages (early stage, development capital, as well as succession and acquisition) and also structures follow-on investments for its portfolio. The Group also syndicates/co-invests. Development Bank of Wales has four offices across Wales – Wrexham, Cardiff, Llanelli and St Asaph St Asaph (; "church on the Elwy") is a City status in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Value Added
In economics, gross value added (GVA) is the measure of the value of goods and service (economics), services produced in an area, industry or sector of an economy. "The ''gross value added'' is the Value of output (economy), value of output minus the value of intermediate consumption; it is a measure of the contribution to GDP made by an individual producer, industry or sector; gross value added is the source from which the primary incomes of the System of National Accounts (SNA) are generated and is therefore carried forward into the primary distribution of income account." Relationship to gross domestic product GVA is an important measure used to determine gross domestic product (GDP). GDP is an indicator of the health of a national economy and economic growth. It represents the monetary value of all products and services produced in the country within a defined period of time. "In comparing GVA and GDP, we can say that GVA is a better measure for the Welfare definition of econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In Wales
The COVID-19 pandemic was confirmed to have spread to Wales on 28 February 2020, with a case being reported in the Swansea area; this first known case was a person who had recently returned from Italy. The first known case of community transmission was reported on 11 March in the Caerphilly area. Wide-ranging restrictions began on many aspects of life in the second half of March 2020; restrictions were relaxed in Wales during the summer once the first wave of thr virus had passed. In the autumn of that year, with cases rising, restrictions began to be tightened again with individual areas being placed under localised lockdowns. A two-week complete "circuit-breaker" lockdown began in late October. Rising cases and a SARS-CoV-2 Alpha variant, new variant of the virus led to restrictions being increased again in December. The COVID-19 vaccination in the United Kingdom, rollout of COVID-19 vaccinations and a fall in cases led to restrictions being relaxed in the spring and summer. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welsh Fiscal Balance
From 1999 to 2022 Wales has had a negative fiscal balance, due to public spending in Wales exceeding tax revenue. For the 2018–19 fiscal year, the fiscal deficit was about 19.4 percent of Wales's estimated GDP, compared to 2 percent for the United Kingdom as a whole. All UK nations and regions except for East, South East England and London have a deficit. Wales' fiscal deficit per capita of £4,300 is the second highest of the economic regions, after the Northern Ireland fiscal deficit, which is nearly £5,000 per capita. Fiscal deficit "Estimates consistently find that Wales has a large and persistent fiscal deficit, funded by transfers from rUK." Wales, as well as England, has a fiscal deficit since the public expenditure in both countries exceeds the tax revenue collected. The Welsh government has limited powers over taxation and does not set its own budget. Wales' net fiscal deficit increased from £14.4 billion in 2020 to £25.9 billion in 2021. All countries and regions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brexit
Brexit (, a portmanteau of "Britain" and "Exit") was the Withdrawal from the European Union, withdrawal of the United Kingdom (UK) from the European Union (EU). Brexit officially took place at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 Central European Time, CET). The UK, which joined the EU's precursors the European Communities (EC) on 1 January 1973, is the only member state to have withdrawn from the EU, although the territories of Greenland (part of the Kingdom of Denmark) previously left the EC in 1985 and Algeria (formerly French Algeria, part of France) left in 1976. Following Brexit, EU law and the Court of Justice of the European Union no longer have Primacy of European Union law, primacy over British laws but the UK remains legally bound by obligations in the various treaties it has with other countries around the world, including many with EU member states and indeed with the EU itself. The European Union (Withdrawal) Act 2018 retains relevant EU law as La ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Agricultural Fund For Rural Development
The European Agricultural Fund for Rural Development (EAFRD) is one of the European Structural and Investment Funds which was set up for the financing of Rural Development Programme (RDP) actions by European Union Council Regulation (EC) No 1290/2005 of 21 June 2005 on the financing of the Common Agricultural Policy (CAP). Reasoning Rural development is a vitally important policy area, affecting over 50% of the population of the EU and almost 90% of EU land. Farming and forestry remain central to rural economies, and rural development also focuses on revitalising rural areas in other ways. Furthermore, issues such as climate change, renewable energy, biodiversity and water management are becoming increasingly important aspects of the EU's rural development policy. Budget Over €200 billion in funding is available to support the implementation of 94 RDPs across the EU, for the programming period 2007–2013. Almost half of this money is provided by the EAFRD, overseen by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
