Wefan Gymraeg

Foundations of Wales' new funding settlement built by Lib Dem Ministers, say Welsh Lib Dems

The Welsh Liberal Democrats have responded to today’s statement from the Secretary of State for Wales, Alun Cairns, about a new funding settlement for Wales.

The Liberal Democrats have long called for further devolution of powers to Wales, and were instrumental in securing the Silk Commission.

This agreement enables the Welsh Government to have more control over its own funding and tax affairs, while improving the flawed Barnett Formula which calculates the grant Wales receives from the UK Government based on overall UK spending.

Leader of the Welsh Liberal Democrats Mark Williams said;

“I am glad that an agreement has finally been reached between the UK and Welsh Government on Wales’ Fiscal Framework. In particular I welcome the creation of a new needs-based factor within the Barnett Formula and the increase in the Welsh Government’s capital borrowing limit to £1 billion, enabling the Welsh Government to begin using their new tax powers.

“These changes have been long overdue, giving greatly needed powers to the Welsh Government to deal with issues specific to Wales. This is not only a positive step for devolution, but will help make the Welsh Government far more accountable to the people of Wales.”

Baroness Jenny Randerson, Spokesperson for Welsh and UK Government Relations and former Wales Officer Minister, said;

“The foundations of today’s announcement were built by Liberal Democrat Ministers in the Coalition government.

“The Liberal Democrats have long argued that the Barnett Formula should reflect the needs of Wales as well as UK Government spending decisions. We made this case in the Coalition, which was seen clearly in the St David’s Day agreement in 2015.

“I am pleased to see these plans reach maturity and to know that Wales will in future have a fairer deal from the UK Government."

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