The Assembly Government is working out whether to take a £187m budget cut now or wait until next year and risk a double hit to its finances. Chancellor George Osborne reduced the administration’s funding but gave it the option of deferring cuts. Making cuts this year could unlock an additional £24m of finance, reducing the impact to £163m. Robert Lloyd Griffiths, director of the Institute of Directors in Wales, said the cuts should be held back: “We would anticipate that most of our members will make a strong recovery over the next 12 months."

Golf’s biggest tournament will help promote food, drink and hospitality from across Wales, Ryder Cup Wales chairman John Jermine told companies in North Wales. He said Welsh lamb, black beef, Edwards of Conwy sausages and Anglesey sea salt should benefit from the tournament. Jermine told guests at the Gwynedd Business Week gala dinner: “Golf tourism is now worth over £34m a year. If only Royal Porthcawl and Royal St David’s (golf courses) had some more hotels next to them.” Elfed Roberts of Siop y Madryn and Arthur Parry of Afonwen Farm picked up awards at the event.

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Wales will vote in referendum on further powers for the National Assembly in 2011, prime minister David Cameron said. The Assembly Government said it was “dismayed”, as it had expected a referendum this autumn. A spokesman said: “We understood the Electoral Commission could amend its timetable to accommodate a referendum this autumn. We are also dismayed to have been told of this announcement via the media and not through the formal channels of government.”