Magazine article Public Finance

Barnett 'Has Deprived Wales of More Than £700M'

Magazine article Public Finance

Barnett 'Has Deprived Wales of More Than £700M'

Article excerpt

The Welsh Assembly Government missed out on mora than £700m in 2006/07 as a result of the Barnett Formula, Plaid Cymru's economic adviser has told peers.

Eurfyl ap Gwitym was putting Plaid Cymru's submission to the Lords select committee on the Barnett Formula. He said that if public expenditure In Wales had Increased at the same rate as in England ilnce 1999/2000, the devolved administration would have been in line for £778m extra in 2006/07.

Plaid, a partner in the Welsh coalition government, said the formula failed to account for the drastic fall in economic activity per head in Wales caused by Industrial decline.

Ap Gwlym said the formula was a stopgap that had been allowed to continue. This failure by Westminster has led to increased poverty and lack of resources for the people of Wales. …

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