WALES will be handed an extra £400 million over the next five years to spend on roads, rail and other projects.

The extra cash was announced by chancellor Philip Hammond in yesterday’s Autumn Statement and is being handed over as a result of increased spending on transport projects in England.

Other announcements include an increase in the National Living Wage of 30p an hour to £7.50 from next April, while cash gained from banking fines will also be handed over to good causes, with the Wales Air Ambulance to receive a £1 million donation.

But the statement painted a grim picture of the UK’s financial prospects as a whole, with the economy to lose almost £60 billion over the next five years due to the result of June’s referendum and Mr Hammond also admitted a commitment by previous chancellor George Osborne to achieve a budget surplus by the end of the decade would not be met.

The Welsh Government’s finance secretary Mark Drakeford welcomed the extra cash, but said the statement did not provide as much for Wales as he had hoped for.

“As a government we have been clear about the importance of investing in Wales’ infrastructure,” he said.

“In these uncertain times this is more important than ever.”

Saying the Welsh Government’s overall budget had fallen by eight per cent since 2010, Mr Drakeford added the extra investment would go “some way to restoring the cuts we have seen to our capital budget over recent years”.

“The additional capital funding will provide additional resources to enable us to continue to invest in new infrastructure, creating jobs and securing Wales’ future prosperity,” he said.

“We will consider how we use this additional funding to support our investment priorities.”

Critics hit out at Mr Hammond for failing to provide more financial support to schools or the NHS. But news fuel duty will be frozen for the seventh year in a row and welfare claimants will be able to keep more of their payments has been welcomed.

Monmouth AM Nick Ramsay, who is also the Welsh Conservative’s shadow finance secretary, welcomed the statement, calling it “hugely welcome”.

Speaking yesterday Mr Ramsay said: “By restoring the public finances and building a stronger economy, today’s announcements will ensure people’s money go further and we continue to improve living standards, which last year grew at their fastest rate in 14 years.

“The chancellor’s decision to make substantial investments into infrastructure across the border will also provide significant sums of additional funding for Wales and it is vital this money is used wisely by the Labour government.

“Wales’ creaking infrastructure requires urgent attention so businesses and hardworking people across our country are not left behind, the current inaction by the Welsh Government cannot continue.

“Welsh Conservatives would like to see positive decisions taken to ease some of the strategic pinch points across the country and show that Wales is well and truly open for business.”

He also called for the extra funding to be used to support small firms set to be hit by an increase in business rates next April.

Ukip South Wales East AM Mark Reckless said unemployment predictions included in the statement “administers the last rites to the infamous claim that three million jobs would be lost if we left the European Union.

“The government has talked tough on austerity but failed to match its words with deeds,” he said.

“Every month the government delays Brexit costs the exchequer over a billion pounds.

“Ukip says just get on with it.”

He added he was not convinced large-scale infrastructure projects such as the planned HS2 rail line were a good use of taxpayers’ money.

“Too often they do more for the ego of the politicians who support them and the bank balance of consultants who advise on them than they do for passengers or taxpayers,” he said.

Welsh secretary Alun Cairns also welcomed the statement. “It is an Autumn Statement that contains measures that will help people all over Wales,” he said.

Although Mr Hammond also announced letting agency fees would be banned, this will only apply in England.