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LONDON Oct. 21 (People's Daily Online)—— The UK Treasury and Secretary of State for Wales met with the Welsh government’s Finance Minister in Cardiff on 20 October 2014. As part of the new package of tax and borrowing powers being devolved through the Wales Bill, the Wales Joint Exchequer Committee have agreed to work together to consider whether Welsh Ministers should be able to issue bonds.

The Welsh Joint Exchequer Committee also discussed the progress of the landmark Wales Bill, which has just completed committee stage in the Lords. This Bill gives the Welsh government new borrowing powers and greater responsibility over landfill tax, stamp duty land tax and 10p of income tax (subject to a referendum) – the first time that tax powers will be controlled by the Welsh government.

Danny Alexander, the Chief Secretary to the Treasury, said: “Today’s Joint Exchequer Committee meeting was a crucial step in the UK’s devolution settlement and implementing the Welsh government’s new tax and borrowing powers as recommended by the Silk Commission.

We’ve made important progress towards agreeing the mechanism by which Welsh ministers would be able to issue Welsh bonds, in order to further increase their range of borrowing options.”

Stephen Crabb, the Secretary of State for Wales, said: “I want a lasting and fair devolution settlement that works for the people of Wales.

Along with the Wales Bill, today’s first meeting of the Joint Exchequer Committee further underlines the UK government’s commitment to deliver and strengthen this process.

I will continue to work with the Treasury and the Welsh government to secure the best deal for Wales to boost jobs, raise living standards and attract investment.”

Building on the joint review process agreed in October 2012 and undertaken in advance of SR13, the UK and Welsh governments have also agreed to revisit the arrangements for considering relative funding in light of the powers contained in the Wales Bill.