Magazine article Public Finance

In Brief

Magazine article Public Finance

In Brief

Article excerpt

WELSH FUNDING

Funding after tax devolution agreed

Westminster and Cardiff have agreed a fiscal framework that sets out how the Welsh Government will be funded following the devolution of some taxes. It includes a new needs-based factor within the Barnett formula to determine changes in the block grant, building on the funding floor in the UK's 2015 Spending Review. The deal also increases capital borrowing power to £1bn and creates a Wales reserve so the government's budget can be better managed.

SCOTTISH BORROWING

Powers to be used 'to the max'

Scottish finance secretary Derek Mackay has told MSPs he plans to use the Scottish Parliament's new borrowing powers "to the max" to off set fiscal austerity. He said he would consider raising the top rate of income tax to 50p in the pound - provided that UK chancellor Philip Hammond did this first. He was answering questions from Holyrood's finance committee on the tax plans in his draft Budget, issued shortly before Christmas.

LOCAL GOVERNMENT

Trust us on growth, say NI councils

Local government leaders in Northern Ireland have told Westminster they would be able to boost economic development and strengthen democracy. …

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