Fiscal Framework reinforces the benefits of the Union

The benefits of the Union were today laid bare as Wales was guaranteed long term financial security, in a milestone agreement between the UK and Welsh Governments.

The Fiscal Framework is a key part of the overall Wales Bill package which is delivering a clearer and fairer devolution settlement for Wales. It paves the way for making the National Assembly for Wales a more powerful and accountable institution.

Commenting on the deal, the Leader of the Welsh Conservatives, Andrew RT Davies, said:

“This deal demonstrates the extent to which Wales benefits from being a member of the United Kingdom, and lays bare the devastating financial consequences if Wales were to leave the union.

“For the first time Wales will benefit from a funding floor which guarantees the equivalent of £1.15 for every £1.00 spent in England.

“Doubling the Welsh Government’s borrowing powers will also enable them to get on with building the infrastructure projects we need, providing a firm helping hand to a Welsh Labour Government which has failed to grow GVA.

“Coupled with the Wales Bill, the Fiscal Framework is further proof that Conservatives are delivering for Wales like no government before them.”

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