Bloomberg News

Wales Looks at How to Raise Money If Assembly Gets Fiscal Powers

February 02, 2012

Feb. 2 (Bloomberg) -- Lawmakers in the Welsh Assembly began looking at how the principality’s semi-autonomous government might raise money if it’s granted borrowing powers.

The assembly’s Finance Committee “has decided to undertake an inquiry examining local authorities’ experiences of prudential borrowing and different models of capital funding which may be suitable for the Welsh government,” Jocelyn Davies, the lawmaker who heads the panel, said in a statement. “We will be considering the existing models currently in use by local authorities as well as more innovative mechanisms to gain capital funding for infrastructure projects.”

Voters in Wales opted in March to broaden the powers of the assembly in Cardiff, allowing local lawmakers to pass legislation without gaining the consent of the national U.K. Parliament in London. The U.K. government set up a commission in October that will examine the case for devolving fiscal powers.

The Scottish government, which has greater powers than its Welsh counterpart, set out its plans last week for a referendum on independence from the U.K. in 2014.

--Editors: Andrew Atkinson, Reed Landberg

To contact the reporter on this story: Eddie Buckle in London at ebuckle@bloomberg.net

To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net


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