Magazine article Public Finance

Fiscal Powers Are Handed to Cardiff

Magazine article Public Finance

Fiscal Powers Are Handed to Cardiff

Article excerpt

Wales is to receive a suite of new tax and borrowing powers, after UK ministers announced they had agreed to the Silk Commission's key recommendations on devolution.

Under the changes, Wales will be passed control of stamp duty and landfill tax as well as borrowing powers to allow the Welsh Government to invest in big capital projects, such as upgrading the M4 in south Wales.

A referendum will also be run on whether some income tax should be devolved as it has been in Scotland.

Announcing the decision last month, David Cameron said the people of Wales needed to share in the rewards of the economic recovery.

'Wales needs more businesses creating jobs, a decent road network to make it easier to compete in the tough global race and lower taxes so hardworking people have more money in their pocket at die end of the week,' the prime minister said.

Deputy Prime Minister Nick Clegg called the transfer of powers unprecedented. …

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