Welsh First Minister Rhun ap Iorwerth met with Prime Minister Andy Burnham at a National Economic Council summit in Glasgow to address fiscal restrictions. The negotiations follow Cardiff's criticism of the UK budget, which provided £450m over three years but was labeled an effective real-terms funding cut by Plaid Cymru. Currently, Wales is constrained by strict annual drawdowns from its £350m reserve alongside a £1bn cap on total infrastructure borrowing. Welsh Secretary Stephen Kinnock confirmed that expanding these powers will remain on the agenda for upcoming talks without a set deadline.
Key points
Loosening financial restrictions for Wales is now considered a matter of how and when rat…: Loosening financial restrictions for Wales is now considered a matter of how and when rather than if.
Scottish and Welsh leaders agreed to work alongside the prime minister on innovation fund…: Scottish and Welsh leaders agreed to work alongside the prime minister on innovation funding and regional re-industrialisation.
Officials on both sides have been tasked with drafting detailed plans for future borrowin…: Officials on both sides have been tasked with drafting detailed plans for future borrowing arrangements and flexibilities.
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Welsh First Minister Rhun ap Iorwerth says there has been a "significant step forward" with regards to his country's spending and borrowing powers after meeting the prime minister.
Andy Burnham held a meeting of his National Economic Council with the first ministers of Wales and Scotland on Friday, after which ap Iorwerth said it was a matter of "how and when" a loosening of financial restrictions will take place.
At the summit in Glasgow, Burnham lobbied the government leaders to devolve "deeper" to the regions of Wales and Scotland.
The prime minister said the two first ministers had agreed to work with him on "regional empowerment".
No timescales were announced for changes to Wales' finances.
Friday's meeting followed rows between the Welsh and UK government over the chancellor's Budget on Wednesday, which ap Iorwerth had said was "not serious about Wales".
His party Plaid Cymru said the budget left the Welsh government with a real-terms cut in funding, which the UK government denied.
Ap Iorwerth had set out a range of demands to the prime minister in a…
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