After many years, Welsh Liberal Democrats have now convinced the federal party (currently in coalition with the Conservatives in Westminster) that the unfairness of the Barnett formula (named after a Labour Treasury minister), under which funding for Wales and Scotland is calculated, should be addressed.
Party leader Kirsty Williams writes:
I am pleased to announce today that we have secured our party’s commitment to overhaul the unfair funding system for Wales.
Going into the General Election, we will pledge that Wales will have fairer funding for the next parliament, which could mean hundreds of millions of pounds extra coming into Wales.
As we all know, under successive Labour and Tory Governments, Wales has been underfunded for years. The last major piece of work on this, the Holtham report, concluded that Wales was losing £300m a year. That simply is not fair.
Not only do we recognise that Wales is underfunded, but unlike the Tories, Labour and Plaid, we will actually do something about it.
This announcement is about Wales getting a fairer deal and we believe this is the quickest and easiest way forward for that to happen.
In Government, we have a proud record of delivery for Wales and we are now the only party that has made a firm commitment to more funding for Wales.
Once again, the Liberal Democrats are showing that we are the only party in Westminster that will make a positive difference for the people of Wales.