Wales will host finance ministers from across the UK in Cardiff today (Thursday 17 September) when the Cabinet Minister for Finance will make the case for a funding deal from Westminster that reflects what people in Wales really need.
The meeting, known as the Finance Inter-ministerial Standing Committee (FISC), brings together finance ministers from the UK Government, Wales, Scotland and Northern Ireland to discuss financial and economic issues faced in all corners of the United Kingdom.
A one-to-one meeting between the Finance Minister and the Chief Secretary to the Treasury will also be held as an opportunity to discuss issues specific to Wales.
The Cabinet Minister for Finance will raise several priorities for Wales to deliver fiscal reform, including:
- A formal review of the 2016 Wales Fiscal Framework – the agreement that sets out the Welsh Government’s funding arrangements including its tax powers and fiscal management tools such as borrowing – to make sure Wales’ funding arrangements are fit for the future.
- Stronger borrowing powers and more flexibility over reserves, so Wales can plan and invest for the long term.
- Improvements to, and reform of, the Barnett formula – the decades-old system used to determine how much money Wales gets from the UK Government.
- Delivering the £14bn commitment by UK Government for investment in rail in Wales, to address years of underfunding compared with other parts of the UK.
- Further UK-wide action on the cost of living, to support households across Wales.
- Increased capital spending for Wales in the UK Government’s upcoming Autumn Budget to drive economic growth and invest in our infrastructure including hospitals and affordable housing.
- Funding to address the legacy of our industrial past, including through the restoration of coal tips and the remediation of contaminated land.
Cabinet Minister for Finance Elin Jones said:
“I’m pleased to be able to meet with my counterparts from across the UK in what will be an important chance to work constructively together on the challenges facing all our nations.
“I’ll also be clear about what Wales needs. The way our funding is calculated hasn’t kept up with the real needs of people here. It’s outdated, and it’s not transparent enough. That must change.
“We’re up against a genuinely challenging financial backdrop – so what we’re asking for isn’t about special treatment for Wales but for a system that’s fair, that’s clear, and one that reflects the needs of our communities.
“That’s why today I can confirm the Welsh Government has formally proposed a joint review of the Wales Fiscal Framework, which I’ll be discussing in a one-to-one meeting with the Chief Secretary to the Treasury.
“This Welsh Government set out our expectations on day one that Wales both needs and deserves a fairer settlement on funding and powers.
“Throughout the day, I’ll be pressing the case for greater investment in Welsh rail, and for capital spending and cost of living support to be prioritised in the Autumn Budget.
“Wales and all its communities deserve fairness and equality.”
