Funding deal announced

The UK and Welsh Governments say they've reached a deal to stop further cuts in Wales' share of public spending. They've also agreed in principle that the Welsh Government should have borrowing powers.

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Lib Dems say Welsh Government is gaining power -and responsibility.

The Welsh Liberal Democrats say the news that future public spending settlements won't involve further cuts in Wales' share of expenditure is a significant step towards putting an unfair system right. The Treasury has also agreed in principle to giving the Welsh Government borrowing powers.

Despite being in government for over a decade, Labour failed spectacularly to change the funding system for Wales. In two and a half years, Liberal Democrats in government have delivered more than Labour managed in thirteen – even when we are in coalition with a party that is reluctant to see powers and responsibilities leave London. The Welsh Labour Government must now understand that greater power involves greater responsibility. For too long this Labour Government has sat back and blamed Westminster for their own failings. This can’t be allowed to continue.

– Welsh Liberal Democrat Finance Spokesperson Peter Black AM

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