Barnett Formula
Debate between Lord Stephen and Lord Newby(9 years, 9 months ago)
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Lord Newby
My Lords, the noble Lord knows that this year Welsh spending will be at a level which Gerry Holtham has said is the appropriate level for Wales.
Lord Stephen (LD)
My Lords, can my noble friend first confirm that the preservation of the Barnett formula was one of the key elements of the vow given by all the main party leaders from this Parliament in the run-up to the referendum? Secondly, can he confirm that there would be no Barnett formula whatever if there had been an independent Scotland, and thirdly, that as a consequence the finances of Scotland would be in tatters and the country facing financial ruin if there had been a positive referendum vote in favour of independence?
Scottish Independence: Currency Union
Debate between Lord Stephen and Lord Newby(10 years, 8 months ago)
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Lord Stephen (LD)
My Lords, does my noble friend the Minister agree that the position of the UK Government on this issue is now crystal clear, as indeed are the positions of the Labour Party, the Conservative Party and the Liberal Democrats, and it is now for the Scottish Government and the SNP to do the explaining, as their policy position looks increasingly incredible, unclear and completely unconvincing?
Lord Newby
My Lords, I completely agree with my noble friend. It is highly irresponsible of the Scottish Government to have no plan B, when it has been made absolutely clear that the kind of currency union that they want is simply not on the cards. They have other interesting questions to answer in this respect. As the Governor of the Bank of England pointed out yesterday, Scotland, as a new EU applicant, would have to agree at some point to join the euro. I think at one point Mr Salmond was in favour of that; I am not so sure what his policy is on it now.