Barnett Formula

Lord Stephen Excerpts

Tuesday 10th February 2015 Lords Chamber

[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?

[Lord Newby]

My Lords, I agree with all the points my noble friend has made.