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Move towards greater autonomy for Wales

Words: Laura Edgar
Wales / Shutterstock_164056865

The Wales Joint Exchequer Committee has met the Welsh Government in a step nearer towards devolving fiscal powers. 

At a meeting on 20 October in Cardiff, the Wales Joint Exchequer Committee agreed to work together to decide whether Welsh ministers should be able to issue bonds.

The meeting and subsequent agreement is part of the new package of tax and borrowing powers being devolved through the Wales Bill.

Danny Alexander, Chief Secretary to the Treasury, said: “Today’s Joint Exchequer Committee meeting was a crucial step in the UK’s devolution settlement and implementing the Welsh government’s new tax and borrowing powers as recommended by the Silk Commission.

“We’ve made important progress towards agreeing the mechanism by which Welsh ministers would be able to issue Welsh bonds in order to further increase their range of borrowing options.”

Stephen Crabb, Secretary of State for Wales, added that he wanted a lasting and fair devolution settlement that worked for the people of Wales.

“Along with the Wales Bill, today’s first meeting of the Joint Exchequer Committee further underlines the UK government’s commitment to deliver and strengthen this process.

“I will continue to work with the Treasury and the Welsh government to secure the best deal for Wales to boost jobs, raise living standards and attract investment.”

The arrangement was agreed by Alexander and HM Treasury’s David Gauke, Crabb, and the Welsh government finance minister Jane Hutt.