The UK Government has described the package of financial powers transferred to Wales as 'unprecedented.' It says the changes could put the Welsh Government in control of £3bn of tax revenue. The new details announced today are:
- Business rates (or non-domestic rates) which are already partly-devolved will be fully devolved.
- Power to create new Wales-only taxes with the UK Government's agreement.
- The creation of a 'cash reserve' for the Welsh Government to manage tax revenues
There's also more detail of the income tax powers on offer. Subject to a referendum, the Welsh Government would be given control of 10p in every pound collected but could only raise or lower the three rates together.
These changes follow the earlier headline announcements made by the Prime Minister and Deputy Prime Minister at the beginning of November:
- Stamp Duty Land Tax and Landfill tax
- Borrowing powers
- Limited early borrowing powers to begin work improving the M4
- Income tax referendum
More top news
Calming down tonight with clear spells and cooler temperatures! Setting us up for a decent start to the weekend!
Callum Williams of Wrexham pleaded guilty to causing grievous bodily harm to the woman police officer, assault and damaging property.
RSPCA says at first they thought the caller had confused the animal with a badger.