More Tax Independence for Wales
The Welsh Assembly is to receive greater independent powers when it comes to taxation. The new powers will, subject to the outcome of a referendum, cover a number of levies including income tax and stamp duty. These measures follow the recommendations made by a report which was issued last year.
At present, the Welsh assembly have very few powers in this area. Their budget comes from a treasury grant, and they cannot action any variation in tax levels. The Silk Report, which was commissioned by the government, recommended that this should be changed.
Upgrades to the M4 are expected to be financed by new, increased powers for Wales. Affordable homes are also expected to be a priority, according to a statement which came jointly from David Cameron and Nick Clegg.
Increased taxation powers have already been granted to Scotland, which now has plans to set up its own tax agency.