THE Welsh Government's budget for the 2018-2019 financial year - which includes a new £50 million railway station in Llanwern - has been given the thumbs-up.

AMs signed off the budget, which includes Wales' first taxes for 800 years, yesterday.

Introducing the budget in the Assembly, finance secretary Mark Drakeford said the economy of Wales and the UK as a whole was suffering as a result of "foolish austerity policies".

He added the budget is seven per cent lower in real terms than it was a decade ago.

"This final budget has the services that people in Wales rely upon at its heart," he said. "It provides extra investment in our health service and in local government.

"It takes head-on the challenges we face today in homelessness and in improving air quality. It creates new opportunities for the future by investing in education and in our economy."

The budget, which includes plans for a new £50 million railway station in Llanwern, was developed as part of a partnership agreement with Plaid Cymru.

But Conservative Monmouth AM Nick Ramsay said he and his party colleagues were unsatisfied with the budget.

"I think that we want something that is positive, creates a vibrant economic situation moving forward, and makes those proper links between the new Welsh Government fiscal powers and the ability to develop the economy in a way that we need to, particularly with the challenges that we face over the months and years ahead," he said.

"I don't think that this budget meets those criteria, and the Welsh Conservatives don't either."

Mr Drakeford also announced investments of almost £200 million over the next three years.

Among them are an extra £75 million for the 21st Century Schools programme, an additional £70 million for the NHS, up to £30 million for road refurbishment, another £30 million for the Welsh language and £14.6 million to battle pollution.

The budget was approved by 28 votes to 18, with eight abstentions.

AMs also signed off the local government financial settlement for 2018-2019, which will see Newport City Council's funding increase by 0.4 per cent in April. But the other four local authorities in Gwent will see cuts of between 0.1 and 0.5 per cent.