Welsh funding

THE Lords Economic Affairs committee has called for the Office of Budget Responsibility to scrutinise Wales’ funding. A hard-hitting report calls for the Barnett formula used to allocate Treasury cash to the devolved governments to be scrapped and press for “much greater” transparency. 
The cross-party Economic Affair committee in the Lords will push for Barnett to be replaced with a system which addresses the real level of need in the different nations.
The Barnett formula was given a new lease of life in the closing days of the Scottish referendum campaign, which the Conservative, Labour and Liberal Democrat leaders issued a joint-vow implying it would continue to be used.
The formula is regularly criticised for being overly generous to Scotland while under-funding Wales. 
This month the UK Government re-committed itself to introducing a“floor” to protect the funding the Welsh Government receives.
They state: “The Barnett Formula is not a sustainable method to calculate funding. This is particularly true in the context of further devolution of tax powers.
“It should be modernised and replaced with a needs based funding formula for distributing funds to devolved administrations. 
This should reflect the additional needs of Scotland, Wales and Northern Ireland.” When those lords were MPs they toed  the party line and disagreed with Plaid Cymru for the scrapping of Barnett formula. Now I’m glad to see these lords have finally agree with Plaid Cymru and recognise who was right.