The recent and exciting announcement by the Prime Minister and the Deputy Prime Minister on 1 November marked a major milestone in the story of Welsh devolution. It was proof, once again, of the UK Government’s commitment and support for us here in Wales. For too long, and despite the result of the primary law-making powers referendum in 2011, the Welsh Labour Government has consistently blamed the UK Government in all manner of ways on many funding matters that already fall within the remit and responsibilities of the Welsh Labour Government itself. Research polls by ICM and Beaufort have consistently demonstrated an overwhelming majority in support of greater powers for the Assembly, and this announcement by the UK Government, and its acknowledgement of the Silk part 1 recommendations, further endorses this support—the powers over stamp duty, land tax and landfill tax are now devolved to this institution, as well as substantive borrowing powers, and this is a major step forward.
The reaction from businesses has been universal, with the Confederation of British Industry, the chamber of commerce and the Federation of Small Businesses welcoming the opportunity to capitalise on our porous border with England. By using these borrowing powers carefully, the vital infrastructure that we need here in Wales—and in north Wales—will certainly get the wheels of economic growth turning in order to renew our economy and encourage much-needed further investment and economic growth.
The Prime Minister himself has said that the state of the M4 has been a foot on the windpipe of the Welsh economy. Rod Eddington predicted that the growth in congestion, if left unchecked, would cost the Welsh economy around £1.1 billion a year. To give credit where it is due, it was welcome to hear the First Minister acknowledged the need for investment in north Wales and in the A55. Although money was made available in the 2014-15 draft budget, these new powers will permit investments through the ability to raise our own capital. However, I remind the Government that with financial powers comes financial responsibility. These new powers will confer greater accountability here at the Senedd. As Harry Truman once said, the buck stops here, and, with these new powers, accountability will reside where it should, at the heart of Welsh democracy.
The NATO summit to be held in Wales marks an opportunity—an opportunity to showcase Wales at an event where the world will be watching. As the United States ambassador said this week, the summit provides an opportunity to highlight the best of Welsh businesses and produce for delegates, and I hope that the Welsh Government will make the most of this magnificent opportunity to explore new markets for Welsh businesses, allowing us to compete in the global race. The 2012 summit in Chicago was expected to attract some $123 million to the local economy. Again, it can only be beneficial to us here in Wales. The chance to sell Wales to the US market, by far the biggest in the world, via links in trade cannot be underestimated, with its universal use for growth and development.
A point I raised earlier with the Minister was that we must take advantage of every potential new market internationally, and the NATO summit presents just such an opportunity. In addition, visitors from the United States, Canada and Germany—all markets with which we need to develop links—can also be made aware of the idyllic nature of Wales as a holiday destination. The tourism industry is one of the future engines of economic prosperity in Wales, already accounting for 13.3% of Welsh GDP. With this predicted to grow in the future, I look forward to hearing, as the summit approaches, what plans the Welsh Government has to capitalise on these golden opportunities for Welsh tourism. We as Assembly Members are fortunate to be at this institution at an exciting time for its future. I look forward to working with the Welsh Government in the implementation of these new powers and will do my duty in holding it to account where this does not happen. Diolch yn fawr iawn.