B

Baroness Smith of Llanfaes (PC)

Speaking in the House of Lords on 29 October 2024

Debate

Fiscal Rules

Contribution

My Lords, changes to the fiscal rules are welcome, as our devolved Governments need a new fiscal settlement. The Barnett formula has no legal standing, and the convention can be changed by the Treasury. Are there any plans on the horizon to replace the Barnett formula? If so, would this be a needs-based formula to ensure that wealth is redistributed fairly?

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