|Printable version||E-mail this to a friend|
Third ministerial meeting on the Welsh Government's new funding arrangements
The Joint Exchequer Committee (Wales) met recently (01 November 2016) in Cardiff to continue talks about the funding arrangements to be established when new tax powers are devolved to the National Assembly for Wales. Stamp duty land tax and landfill tax will be devolved in April 2018 and the Wales Act 2014 enables the partial devolution of income tax.
The Welsh Government was represented by the Cabinet Secretary for Finance and Local Government, Professor Mark Drakeford AM, and the UK Government was represented by the Chief Secretary to the Treasury, the Rt Hon David Gauke MP.
The ministers engaged in a constructive discussion about the potential options for the new block grant funding arrangements. The talks centred on the interaction between the block grant adjustment in relation to tax devolution, the Barnett formula and the funding floor.
Ministers also discussed the case for increasing the Welsh Government’s capital borrowing limit and the budget management tools the Welsh Government will need alongside its new powers.
Latest News from
Taxpayer’s stake in Lloyds now below 4%24/02/2017 10:20:30
The government has continued to sell shares in Lloyds Banking Group, reducing its remaining shareholding to less than 4%.
Communities Secretary confirms funding certainty for councils23/02/2017 13:20:00
Government confirms councils will receive more than £200 billion in government funding over 4 years.
UK Government proposes new approach to boost banking competition and resolve RBS’ State aid commitments20/02/2017 14:25:35
The UK Government has proposed a radical new plan that would see RBS fund and deliver a series of initiatives, worth around £750 million, to boost competition in today’s UK business banking market.
Chancellor's speech at the National Cyber Security Centre opening15/02/2017 13:37:38
"We are investing another £1.9 billion to further bolster our armoury against cyber-attack in this Parliament" says Chancellor Philip Hammond.