Barnett Formula

Lord Peston Excerpts

Monday 3rd November 2014 Lords Chamber

[Lord Newby]

My Lords, as the noble Lord knows, a very significant review of funding in Wales was undertaken by Gerry Holtham, which suggested that Wales would be getting a fair degree of funding if it was approximately 114% of that in England or more—I believe that that is the right figure. I believe that, certainly this year and next year, that figure will be met.

[Lord Peston (Lab)]

My Lords, I thank my noble friend for his Question, with which I know for a fact that my noble friend Lord Barnett was in total agreement. I also thank the Minister for his kind remarks, because he might be forgiven for thinking that one of Lord Barnett’s missions in life was to make his life a total misery. Lord Barnett will be remembered for his formula, but those of us in this House will surely remember that he contributed to a vast number of other topics and therefore deserves to be remembered for all that as well. I think we all agree that he will be missed much more than, perhaps, some of us when our time comes.

[Lord Newby]

My Lords, I absolutely agree with the noble Lord that Lord Barnett was a formidable parliamentarian across a range of subjects.