Finance Minister Jane Hutt has issued this statement following the news that the UK Government will consult businesses on the likely effects of transferring stamp duty to the Welsh Government.
The recognition that the Welsh Government should have early access to borrowing powers for the M4 is welcome news, however we are impatient for a full response to Silk which was first due in the Spring.
As a result of our negotiations I fully expect any issues to be resolved in September which is crucial if we are to meet the timetable for draft legislation to be published in the Autumn.
The issue of stamp duty has been looked at exhaustively. The Holtham Commission, Silk Commission and Calman Commission have all recommended its devolution.
The Welsh Government held an event with the construction industry and business leaders earlier this year to gain their views and there was a clear sense of agreement that stamp duty should be devolved and reformed.
We need taxes such as stamp duty devolved so we can boost house building, create jobs, backing the Welsh economy and continue to deliver our priorities for Wales.
We now expect the UK Government to deliver on Silk, for Wales. We believe rapid progress on this issue would provide a genuine ‘win win’ for both the UK Government, Welsh Government and crucially the people of Wales.
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