Plaid Cymru’s Treasury spokesperson, Ben Lake MP, has warned that a UK Budget “rewritten in panic” following the Chancellor Rachel Reeves’ reported income tax U-turn cannot provide the stability or fairness Wales needs.

Mr Lake said reports that the Chancellor, Rachel Reeves, had ripped up and rewritten major Budget proposals at the last minute – triggering a sharp sell-off in UK government bonds – showed that something is “fundamentally broken at the heart of this UK Labour Government”.

Plaid Cymru reiterated its call for a new fiscal settlement for Wales, including devolving the Crown Estate, allowing Wales to retain revenue from its natural resources; fair funding for Wales, including the long-denied HS2 consequential payments; and a tax system that treats income from wealth fairly, rather than placing the burden on workers through threshold freezes and stealth rises

Mr Lake said: “A Budget rewritten in panic cannot deliver for Wales.

“When the Chancellor rips up major proposals less than a fortnight before Budget Day – triggering a sell-off in government bonds – it shows something is fundamentally broken at the heart of this UK Labour Government.

“Wales needs stability and the ability to plan ahead. Instead, we’re handed a Budget reshaped on the hoof to contain Labour infighting – not to meet the needs of Welsh communities.

“This is no way to run an economy, especially when devolved public services rely on predictable funding. When Westminster uncertainty pushes up borrowing costs, it’s our communities that pay the price.

“Plaid Cymru is the only party that is fighting for fairness for Wales from this Budget: fair funding, including the long-denied HS2 consequentials; a tax system that treats income from wealth fairly rather than stealth tax rises; and control over the Crown Estate so that profits generated from our natural wealth stay in Wales.

“Budgets drafted in panic will always fail Wales.

“It’s time for a stable, ambitious plan shaped by Welsh priorities, not last-minute U-turns in London.”