Policy paper

Empowerment and responsibility: devolving financial powers to Wales

Government's response to the first report of the Commission on Devolution in Wales.

• From: HM Treasury, Office of the Secretary of State for Wales, The Rt Hon Danny Alexander and The Rt Hon David Jones
• Published: 18 November 2013
• Last updated: 21 November 2013 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Documents

Empowerment and responsibility: devolving financial powers to Wales

Ref: ISBN 978-1-909790-49-0, PU1597

PDF, 391 KB, 30 pages

Grymuso a chyfrifoldeb: datganoli pŵer ariannol i Gymru

PDF, 454 KB, 33 pages

Details

The government has published its full response to the first report of the Commission on Devolution in Wales (the Silk Commission), which recommended a package of tax and borrowing powers for the Welsh Assembly and Welsh Government. Of the Commission’s 33 recommendations, 31 were for the UK government to consider and 30 have been accepted in full or in part. As a result:

• landfill tax, stamp duty land tax and business rates in Wales will be fully devolved

• the Assembly will be able to hold a referendum so that the people of Wales can decide whether some of their income tax should be devolved

• the Welsh government will be able to create new taxes with the UK government’s agreement

• new tools will be provided to the Welsh government to manage these new tax powers, including a cash reserve and limited current borrowing powers

Prior to the new tax raising powers being implemented, the Welsh government will be given early access to existing limited borrowing powers to use for M4 improvements.

Read the news story.

Published 18 November 2013
Last updated 21 November 2013 + show all updates

1. 21 November 2013

   Welsh translation published

2. 18 November 2013

   First published.