- Welsh Government to host finance ministers from across the UK
in Cardiff
- Cabinet Minister for Finance to press UK Government on fiscal
reform, including a formal review of the 2016 Wales Fiscal
Framework.
- Finance Minister: "The way our funding is calculated hasn't
kept up with the real needs of people here. It's outdated, and
it's not transparent enough. That must change."
Wales will host finance ministers from across the UK in Cardiff
today (Thursday 17 September) when the Cabinet Minister for
Finance will make the case for a funding deal from Westminster
that reflects what people in Wales really need.
The meeting, known as the Finance Inter-ministerial Standing
Committee (FISC), brings together finance ministers from the UK
Government, Wales, Scotland and Northern Ireland to discuss
financial and economic issues faced in all corners of the United
Kingdom.
A one-to-one meeting between the Finance Minister and the Chief
Secretary to the Treasury will also be held as an opportunity to
discuss issues specific to Wales.
The Cabinet Minister for Finance will raise several priorities
for Wales to deliver fiscal reform, including:
- A formal review of the 2016 Wales Fiscal Framework the
agreement that sets out the Welsh Government's funding
arrangements including its tax powers and fiscal management tools
such as borrowing - to make sure Wales' funding arrangements are
fit for the future.
- Stronger borrowing powers and more flexibility over reserves,
so Wales can plan and invest for the long term.
- Improvements to, and reform of, the Barnett formula - the
decades-old system used to determine how much money Wales gets
from the UK Government.
- Delivering the £14bn commitment by UK Government for
investment in rail in Wales, to address years of underfunding
compared with other parts of the UK.
- Further UK-wide action on the cost of living, to support
households across Wales.
- Increased capital spending for Wales in the UK Government's
upcoming Autumn Budget to drive economic growth and invest in our
infrastructure including hospitals and affordable housing.
- Funding to address the legacy of our industrial past,
including through the restoration of coal tips and the
remediation of contaminated land.
Cabinet Minister for Finance said:
"I'm pleased to be able to meet with my counterparts from across
the UK in what will be an important chance to work constructively
together on the challenges facing all our nations.
"I'll also be clear about what Wales needs. The way our funding
is calculated hasn't kept up with the real needs of people here.
It's outdated, and it's not transparent enough. That must change.
"We're up against a genuinely challenging financial backdrop so
what we're asking for isn't about special treatment for Wales but
for a system that's fair, that's clear, and one that reflects the
needs of our communities.
"That's why today I can confirm the Welsh Government has formally
proposed a joint review of the Wales Fiscal Framework, which I'll
be discussing in a one-to-one meeting with the Chief Secretary to
the Treasury.
"This Welsh Government set out our expectations on day one that
Wales both needs and deserves a fairer settlement on funding and
powers.
"Throughout the day, I'll be pressing the case for greater
investment in Welsh rail, and for capital spending and cost of
living support to be prioritised in the Autumn Budget.
Wales and all its communities deserve fairness and equality."
Notes to editors
- Counterparts from Northern Ireland will join the summit
remotely.
- The UK Government has committed £14bn to deliver the Joint
UK/Wales Rail Board vision document "Today, Tomorrow, Together",
announced in February 2026.
- Only £302m of the £14bn commitment (over 15 years) is
allocated in the current UK Spending Review period to 2029-30.
This is equivalent to 1% of Network Rail spending during the
current period.
- The Welsh Government wants the UK Government to invest a
further £1bn (of the £14bn) over this Spending Review period to
2029-30.
