Finance Secretary to call for fairer rail funding for Wales #UKFinance

Finance Secretary Mark Drakeford will meet with his counterparts from all four UK nations to outline his priorities for Wales and call for a fair approach to the application of the Barnett formula in relation to rail funding.

Ministers will meet in Belfast for the Finance: Inter-Ministerial Standing Committee – which considers fiscal and economic matters affecting the UK – later today.

The Cabinet Secretary for Finance and Welsh Language welcomed the opportunity to work collaboratively ahead of the UK Budget and UK Spending Review, which includes driving growth, renewing public services and the move to net zero.

Fairer

Speaking ahead of the meeting on Thursday (October 3), Mr Drakeford said: “In recent years, we have had to make some very difficult choices as we have developed our spending plans.

“As the financial outlook remains very challenging, I am keen the Welsh Government works closely with governments across the UK to create a fairer society and a more prosperous future for Wales.

“At the meeting, I will outline the importance of Wales having appropriate budgetary flexibilities and highlight the need for decisions over replacement EU funds to be returned to Wales following the winding down of the delayed and often chaotic Shared Prosperity Fund, which was set up by the previous UK Government.”

Support

He will hold bilateral talks with the new Chief Secretary to the Treasury Darren Jones, as part of a welcome re-set in relations between Wales and Westminster.

Mr Drakeford says he will highlight opportunities to support the Welsh economy and the transition to net zero by providing investment in ports around Wales and in nuclear projects.

The Cabinet Secretary added: “The sad closure of Tata’s last remaining blast furnace in Port Talbot this week emphasises the need to put longer-term support in place to mitigate the impact of the transition on the local economy. We would also welcome an early commitment to support research and development investment in Wales.

“While the Chancellor undoubtedly has some difficult decisions to make ahead of the UK Budget at the end of this month, I am confident she will set future fiscal plans which will provide the investment so sorely needed by our public services.”