Tax and borrowing powers 'major day for economy,' Welsh business leaders say

Business leaders have welcomed proposed new financial powers for the Welsh government as a way to raise money for an M4 relief road.

David Cameron is to announce that there will be a referendum on whether the Welsh government should have the power raise or lower income tax.

Wales will also gain control over stamp duty, along with powers to raise money for major infrastructure projects such as an M4 relief road.

Emma Watkins, director of CBI Wales, and Ian Jarman, one of the managers of Llanelli road haulage firm Owens Road Services, gave their reaction to BBC Wales business correspondent Brian Meechan at the Celtic Manor in Newport, overlooking the M4.