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Monday, November 19, 2012

Welsh Assembly should have new powers, says report

The Daily Post is reporting today that the Welsh Assembly should be granted new powers to raise taxes and borrow funds to boost capital spending, according to a commission.

The report adds: "But a year long inquiry by the Silk Commission suggests that the ability to vary income tax in Wales should follow only if agreed in a new referendum.

"It also rules out devolution of corporation tax to Wales unless it goes ahead in Scotland or Northern Ireland.

"Borrowing powers for the Welsh Government to boost infrastructure should also be ‘subject to prudent limits agreed with HM Treasury’, the study concludes.
"The 198-page report ‘Empowerment and Responsibility: Financial Powers to strengthen Wales’ makes 33 recommendations to Welsh Secretary David Jones.

"The proposals to hand Wales its own tax and borrowing system for the first time represent ‘a significant change which should be implemented step-by-step to build experience and balancing risks to the Welsh and UK budgets’, the report says."


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