WALES could be in charge of nearly £3 billion in taxes by 2020, it was revealed today.

The Office for Budget Responsibility (OBR) figures showed if Welsh ministers had control of 10p in the pound of income tax, they would have controlled £1.9 billion of income tax in this financial year, rising to £2.5 billion by 2019-20.

Official predictions estimated the likely proceeds generated from income tax, stamp duty land tax, landfill tax and the aggregates levy. But any such circumstances would be subject to a referendum.

It came after chancellor George Osborne’s Autumn Statement was announcement yesterday (Wed).

The Welsh Government will receive extra funding of £123 million from London through to 2015/16.

Mr Osborne also announced a stamp duty cut of 98 per cent to UK homebuyers, and a freeze on fuel duty, while Air Passenger Duty for children under 12 would be abolished next year, and under 16s from the following year.

Welsh Secretary Stephen Crabb hailed the announcement as a major boost for Wales saying it will help create jobs, drive growth and attract investment.

He said: "The Chancellor has set out a powerful package of measures to drive forward the Welsh economy and provide greater economic security for hardworking people across Wales – the Autumn Statement delivers for Wales.

“Thanks to the difficult decisions we have taken in the past, the UK’s economy is growing faster than any other major developed country. Unemployment has being falling in Wales for two years and jobs are being created across the whole country in a range of industries.

Janet Jones, Federation of Small Businesses Wales policy chairwoman, said it means the Welsh Government will have “full control over the system here in Wales from April”.

Jane Hutt, Welsh Minister for Finance and Government Business, welcomed extra funding but said there was “much work” still to be done.