Wales issues guide: Finance

The assembly receives an annual block grant of some £14bn from the Treasury.

It does not have any power to borrow money or raise taxes. These are the four biggest parties' policies on financial matters.

Election issues 2011

Finance

Conservative

Labour

Liberal Democrats

Plaid Cymru

  • Work with the UK Government to deliver fairer funding for Wales.
  • Work with the UK Government on a review of fiscal powers in Wales, including taking forward discussions on all aspects of the final Holtham report.
  • Will not seek powers to vary income tax.
  • Press the UK government to deal with the £300m "under-funding" of Wales which has been identified by the independent experts on the Holtham Commission.
  • Root out government waste.
  • Establish an Office for Health Spending to act as ongoing, independent and expert assessor of the effectiveness of NHS expenditure. It will be required to monitor rigorously how each local health board and trust spends its budget.
  • European funding should be used on strategic and economically essential projects such as establishing Enterprise Zones and improving skills.
  • Continue to provide relative protection for schools, hospitals, skills and services for the vulnerable despite tight Budget settlements.
  • Seek a new fair funding settlement for Wales including reform of the Barnett formula.
  • Support a "Build for Wales" company to ensure new investment in public services.
  • Press for the power to lower corporation tax in Wales which will stimulate enterprise and growth.
  • Further reduce costs of government. Ensure greater efficiencies and better services in local authorities through greater collaboration and changing funding streams

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