The Future of Funding for Wales
Funding for Wales from the U.K. government is currently calculated through the much discussed Barnett Formula. The formula was assessed by the The Independent Commission on Funding and Finance for Wales which was set up in 2007 with initial findings being published in 2009. Gerald Holtham chaired the commission and we were delighted that he was able to speak about funding for Wales at an event in Westminster on 25th June. At the event he claimed the Barnett formula, from a Welsh perspective is obsolete.
In light of the future of possible Scottish independence and the Silk Commission this issue is as important as ever. This was supported by Owen Smith MP, Shadow Secrertary of State for Wales who responded to Gerald Holtham’s comments and answered questions from delegates. Delegates seemed concerned with not losing sight of other sources of funding such as encouraging business growth, the dangers of being bogged down in the detail of a new Barnett deal and the impact of possible Scottish independence.
A short extract of Gerald Holtham’s conclusion and Owen Smith’s opening statement can be downloaded here
(Please note these are the opinions of the speakers and do not necessarily reflect the views of the Bevan Foundation)
Gerald Holtham and Owen Smith MP 25th June 2012
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