New financial powers announcement welcomed

Swansea East AM Mike Hedges has today welcomed the announcement that borrowing powers and some smaller taxes will be devolved to Wales, in response to the first report by the Silk Commission.

Responding to the UK Governments’ announcement, Finance Minister Jane Hutt said:

“This is excellent news for Wales, and a significant milestone in our story of devolution.  It gives the National Assembly and the Welsh Government new responsibilities and significant opportunities to boost jobs and support the Welsh economy.

“These changes mean that, in the next few years, Wales will be in a position to tackle the improvements required for the M4, and to shape its own taxes, including the much needed reform of Stamp Duty Land Tax.  A future Assembly will also be able to call a referendum on the devolution of rate-varying powers for income tax.”

While the details are to follow, the UK Government has committed to legislate for the new powers within the lifetime of the current UK Parliament.