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Talks held on devolution funding deal | |
(about 17 hours later) | |
Scotland's finance secretary has met a key Westminster counterpart as part of efforts to reach an agreement on a new funding deal for Scotland. | |
A fresh settlement is needed as additional powers over tax and welfare are being devolved. | A fresh settlement is needed as additional powers over tax and welfare are being devolved. |
Greg Hands, the Chief Secretary to the Treasury, travelled to Edinburgh for the meeting with John Swinney. | |
It was the second meeting of the Joint Exchequer Cimmittee since the Smith Commission Report. | |
The committee is attempting to agree a fiscal framework for the devolution of new tax and welfare powers contained in the Scotland Bill. | |
A statement released after the meeting said it had focused on a range of options for adjusting the Scottish government's block grant in the future in relation to the new tax and spending powers being devolved. | |
Ministers also considered various methodologies for assigning VAT receipts to the Scottish government's budget. | |
Overall economic principles for fiscal rules and capital borrowing options were also discussed, including how Scottish government borrowing would sit within the context of the overall UK fiscal framework. | |
And the meeting also considered fiscal scrutiny and the current roles of the Scottish Fiscal Commission and the Office for Budget Responsibility in relation to devolved public finances. | |
The first minister, Nicola Sturgeon, has said she would only back the bill if the funding deal is fair for Scotland. | |
With new tax powers, there is a risk Scotland could find itself worse off, with the Treasury cutting the block grant by more than is raised. | With new tax powers, there is a risk Scotland could find itself worse off, with the Treasury cutting the block grant by more than is raised. |
The Treasury has said this will be the biggest transfer of powers to date and they are determined to deliver a fair and lasting settlement for the people of Scotland. | The Treasury has said this will be the biggest transfer of powers to date and they are determined to deliver a fair and lasting settlement for the people of Scotland. |
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