Chancellor of the Exchequer Jeremy Hunt has today announced funding for the Hay Festival as part of his autumn statement.
Announcing plans for the economy, which includes a rise in the minimum wage and a tax cut for national insurance, Mr Hunt addressed ways that the autumn statement will help Wales.
For the Hay Festival, he has announced that there will be £500,000 available to support future events.
MP for Brecon and Radnorshire, Fay Jones, has welcomed the £500,000 funding boost. Ms Jones said: "Really fantastic news that the Chancellor has announced half a million pounds in funding for Hay Festival, specifically mentioning it in his Autumn Statement.
"The Hay Festival holds a special place in my heart as a bastion of literature and I know is extremely important to the local community.
"But it is important to also point out that so many other businesses rely on this bastion of literature and this funding will help secure further local jobs and growth into the future."
Julie Finch, CEO, Hay Festival Foundation Ltd said: "Our successful selection in the latest round of Levelling Up funding is very welcome news. As we continue to build a forward-looking charity with audiences at its heart, this funding is a crucial step on our journey to long-term sustainability.
"As well as acknowledging our significant economic impact, this support also reflects the cultural importance of the work we are doing in communities across Wales, UK, and internationally, and its positive influence on people’s lives.
"We are so grateful for the support of all our funding partners in making this possible and look forward to seeing many of you at a full capacity Hay Festival Winter Weekend later this week"
The Hay Festival is kicking off its winter weekend on Thursday the 23rd of November, with Stephen Fry attending.